Rachel received a demand loan for $8284 from her bank on January 30, 2011 at 5.49% p.a. simple interest. On May 24, 2011, the interest rate on the loan changed to 6.94% p.a. and Rachel settled the loan on July 16, 2011. Calculate the total interest paid on the loan. Round to the nearest cent
Rachel received a demand loan for $8284 from her bank on January 30, 2011 at 5.49% p.a. simple interest. On May 24, 2011, the interest rate on the loan changed to 6.94% p.a. and Rachel settled the loan on July 16, 2011. Calculate the total interest paid on the loan. Round to the nearest cent
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![Rachel received a demand loan for $8284 from her bank on January 30, 2011 at
5.49% p.a. simple interest. On May 24, 2011, the interest rate on the loan
changed to 6.94% p.a. and Rachel settled the loan on July 16, 2011. Calculate the
total interest paid on the loan.
Round to the nearest cent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faaf93f15-398a-48ad-871b-0073603a871b%2Fc9e72685-d9f2-4d09-9a8e-706b877a1cb2%2Fgo3xs0m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rachel received a demand loan for $8284 from her bank on January 30, 2011 at
5.49% p.a. simple interest. On May 24, 2011, the interest rate on the loan
changed to 6.94% p.a. and Rachel settled the loan on July 16, 2011. Calculate the
total interest paid on the loan.
Round to the nearest cent
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