Math.......?

Question

Please find:

Jenifer Borrows $350 for 18 months at a rate of 8½% interest per year. What total amount must she pay when the load is due?
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Pleasee Find the answer

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The answer is suppose to be $394.63
But how>??

Answer 1

This is a question about simple interest. . Interest = principlel x rate x time. your principle is $350, rate is 8 1/2, convert to decimal is 0.085 per year,, time is 18 months, in years, 1.5. so....

I = 350 x 0.085 x 1.5
I = 44.63 (use a calculator, round up to the nearest cent)

When the loan is due, she must pay back the original amount, $350, plus the interest of $44.62., so add.

$350 + $44.63 = $394. 63

Answer 2

Before you read this I don't give answers, I just tell u how to do the problem!! Now here is what I'll tell ya!!!!:
18 months is a year and a half.
One years interest is 8 1/2% so divide that by two and add it to 8 1/2%, that is the total interest.
Divide 350 by your total % (the answer to the problem you did in the the previous step).
Add this amount of money to the original loan ($350). This is your answer.

Answer 3

A = P * (1 + R/C)^(t*C)

P = initial principle
R = rate in decimal per year
C = number of compounding periods per year
t = time in years.

A = 395.56 if C = 1
A = 397.59 if C = 360
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Then you're looking at simple(VERY SIMPLE) interest
((0.085 * 1.5) + 1) * 350 = 394.63

Answer 4

Capital (borrows): $350
r = 8,5% per year
time: 18 mo = 1,5 year
Interest = (350 x 8,5 x 1,5) : 100
Amount = Capital + Interest
A = $350 + $44,62
A = $394,62
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Answer 5

Oh darn, hmmmm, i did this in 6th grade, i think you multiply:

350x.85=n nx18= your answer

I think^^

Answer 6

under plain interest: 350*1.085*1.5

under interest compounded annually:
350*1.085*1.0425

Answer 7

6713.46