Explanation Given Information: The loan of $ 100000 is taken at the rate of interest, 5.5 % per annum for the time period of 18 months. Formula Used: The simple interest formula is I = P × R × T , where T is the time period in years. Calculation: Consider the data provided as the loan of $ 100000 is taken at the rate of interest of 5.5 % per annum for the time period of 18 months. When the time period is mentioned in months then to convert it into year just divide that month by 12. That is 18 12 , Then the Interest can be calculated in the following manner, Interest

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 10.I, Problem 3RE

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To calculate: The interest for the loan of $100000 over a period of 18 months at a rate of interest of 5.5% per annum.

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

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The interest for the loan of $ 100000 over a period of 18 months at a rate of interest of 5.5 % per annum.

Solution Summary: The author calculates the interest rate for the loan of 100000 over a period of 18 months at 5.5% per annum.

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To calculate: The interest for the loan of $100000 over a period of 18 months at a rate of interest of 5.5% per annum.

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Chapter 10 Solutions