Problem: A loan of Php 1500 at 12 % annual interest rate. The loan was made on June 22 and due on August 20. Find the exact and the ordinary interest

Q: What lump sum do parents need to deposit in an account earning 14%, compound monthly, so that it…

A: Compound interest: Formula : A=P 1+rnnt, where A is the amount P is the principal or the invested…

Q: What is the amount of interest of a loan 20,000 at 6% compound interest for 3 years?

A: We will find out the required value.

Q: What are Jeffery's monthly

A: Given: Jeffery Wei received a 6-year non-subsidized student loan of $31,000 at an annual interest…

Q: Calculate the simple interest due on a 45-day loan of $1600 if the interest rate is 8.7%

A: P=principle=1600r=interest rate=8.7%=0.087t=time=45 day=45365 yearI=interest

Q: If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?

A:

Q: Calculate the value gained from depositing 12 regular installments into a bank, as the amount of…

A: S = P × (([1 + i]n – 1) / i) × (1 + i). Here, S is the final amount of maturity. P is the amount…

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given