If the rate of interest on a loan is raised from 16.25% to 16.75%,
the annual interest is increased by $390. How much is the loan?
2007-03-16 22:44:26 · 5 answers · asked by Redrope 1 in Science & Mathematics ➔ Mathematics
let the loan be of $p
for easy solution,we will consider two cases of time one year each
case 1
when rate=16.25%
calculate interest from formula
interest=p*t*r/100
let interest be x
x=P*1*16.25/100
case 2
when rate is 16.75%
use same formula and let interest be X
X=P*1*16.75/100
we know X-x=390$
substitute the values of X and x we have got
P*1*16.75/100-P*1*16.25/100=390
P{0.5/100}=390
P=390*100/0.5
P=78000$
2007-03-17 01:42:08 · answer #1 · answered by satwik 2 · 0⤊ 0⤋
First subtract to get the difference of the percentage.
16.75% - 16.25% = 0.5% the difference.
then, increase of 0.5% is $ 390.
So, 390 multiply by 100 = $ 39,000
and then, 100% will be, 39000/0.5% = $ 78,000 is the total loans.
2007-03-17 07:31:30 · answer #2 · answered by edison c d 4 · 0⤊ 0⤋
difference (increase) is 16.76 - 16.25 = .5$ per 100$
therefore increase of 390$ will be on 100 X 390 divided by .5 =78000$.
2007-03-17 05:56:33 · answer #3 · answered by thinkpose 5 · 0⤊ 0⤋
16.75-16.25=0.5%
thus 0.5 percent increase is = 390
hence 100% is = 78000
thts assuming the interest rate is per annum
2007-03-17 06:05:12 · answer #4 · answered by aspiring pilot 1 · 0⤊ 0⤋
L*0.1675 - L* 0.1625 = 390
L* 0.005 = 390
L = 78000
2007-03-17 05:55:30 · answer #5 · answered by hustolemyname 6 · 0⤊ 0⤋