i know the trick behind this simple interest problems but i can't arrive at the final answer. i'm doing someti
1, We borrowed $5000 for two years, with a simple annual interest rate of 8%. After 8 months, we
make a partial payment of $1000. After an additional 8 months, we make another partial payment
of $1000. How much do we have to pay at the end of the two years?
$5000(1+0.08 *8/12)= 526.67
526.67-1000=473.33
473.33( 1+0.08 *8/12)= 498.57
498.57-1000
501.43(1+0.08 *8/12)
=$528.17 Which is my final answer but it's wrong i don't know why
2, We borrowed $1000 for a year, with a simple annual interest rate of 8%. After 5 months, we make a
partial payment of $300. After an additional 3 months, we make another partial payment of $350.How much do we have to pay at the end of the year?
1000(1+0.08 * 5/12)=1033.33
1033.33-300
733.33(1+0.08 * 3/12)= 747.10
747.10-350
397.1(1+0.08 *4/12)= 407.69
$407.69 was my final answer which is WRong. The correct answer is $ 408.6
2007-04-11
03:53:17
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2 answers
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asked by
Agentj100
4
in
Mathematics