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26 September, 22:23

The simple interest on the loan. (Round your answer to the nearest cent.)

$875 at 6.85% for 5 years 6 months.

the total amount due for the simple interest loan. (Round your answer to the nearest cent.)

$6400 at 5.3% for 4 years 9 months.

the interest rate on a loan charging $960 simple interest on a principal of $3750 after 8 years.

the term of a loan of $350 at 4.5% if the simple interest is $63.

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  1. 27 September, 00:13
    0
    1) $329.66

    2) $8011.20

    3) 3.2%

    4) 4

    Step-by-step explanation:

    Simple interest formula: I = P*r*t

    the simple interest on the loan: $875 at 6.85% for 5 years 6 months

    5 years 6 months = 5,5 years

    6.85% = 0.0685

    I = 875*0.0685*5.5 = 329.66

    the total amount due for the simple interest loan: $6400 at 5.3% for 4 years 9 months.

    4 years 9 months = 4 + 9/12 = 4 + 0.75 = 4.75

    5.3% = 0.053

    I = 6400*0.053*4.75 = 1611.20

    Total amount due: 6400+1611.20 = 8011.20

    the interest rate on a loan charging $960 simple interest on a principal of $3750 after 8 years.

    I = 960

    P = 3750

    t = 8

    960 = 3750*r*8

    960 = 30000*r

    r = 0.032

    r = 3.2%

    the term of a loan of $350 at 4.5% if the simple interest is $63.

    P = 350

    r = 4.5% = 0.045

    I = 63

    t = ?

    63 = 350*0.045*t

    63 = 15.75*t

    t = 4
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