Math 101-Simple and Compound Iaterest Problems NAMEAT A APR r i=Prt A=P+Prt 1. T
ID: 3357622 • Letter: M
Question
Math 101-Simple and Compound Iaterest Problems NAMEAT A APR r i=Prt A=P+Prt 1. The principal on a simple interest loan in S650, the interest rate is 6 %, and the loan is made for a period of 4 ycars. What is the simple interest on the loan? How much will you need to pay back in 4 years? 39 . y= 156 650156806 Suppose that the terms on the above loan are changed so that the rate is still 6%, but the loan was made June 1, 2011 and to be repaid September 31,2012. How much will you need to pay back on 9/31/127 2. 3. What was the original principal for an 8% simple interest bank account that holds $4340 after 3 years? A $650 loan is to be repaid in 4 years with an interest rate of 8% compounded yearly. will be due in 4 years? 4, What total amount 4b. The interest is the difference between your principal (borrowed) and how much you paid altogether. How much interest will you pay? (be careful: it's NOT i-Prt) 5. Repeat Problem #4, with the interest compounded monthly. What total amount will be due in 4 years? 5b.. How much of this is interest?Explanation / Answer
Dear student please postthe question one at a time:
1) P = 650
R = 0.06
T = 4
Interest = PRT = 650(0.06)4=156
A = P + Interest =650+156=806
He need to pay an amount of $806