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5 July, 02:04

I don't care about getting the answers but rather a step-by-step explanation for this problem: A simple interest, 8-month loan of $3,000 has an annual interest rate of 9.3%. Determine the following values. (For the first answer blank, enter an exact number. For the second answer blank, enter a number. For the third answer blank, enter an exact number as an integer, fraction, or decimal.)

P = $

r =

t =

Find the amount of interest paid (in dollars) on this loan. (Enter an exact number.)

I = $

Calculate the maturity value (in dollars) of this loan. (Enter an exact number.)

$

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Answers (1)
  1. 5 July, 02:24
    0
    Step-by-step explanation:

    The formula for simple interest is expressed as

    I = PRT/100

    Where

    P represents the principal

    R represents interest rate

    T represents time in years

    I = interest after t years

    From the information given

    T = 8 months = 8/12 = 2/3 years

    P = $3000

    R = 9.3%

    Therefore

    I = (3000 * 9.3 * 2/3) / 100

    I = 18600/100

    I = $186

    The maturity value (in dollars) of this loan would be

    3000 + 186 = $3186
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