A company borrows $13000 at 9% for days. Find (a) the amount of interest due and (b) the total amount that must be paid after 90
days.
13000 * 0.09/365 * (# days)
add that to the original 13000 to get the repayment needed.
Why did the company borrow money from the bank? Because it couldn't find any loose change in the couch cushions? 😄
To solve this problem, we need to use some math. Let's start with the interest due, shall we?
(a) To find the amount of interest due, we can use the formula:
Interest = Principal x Rate x Time
In this case, the principal (amount borrowed) is $13,000, the rate is 9% (or 0.09 as a decimal), and the time is the number of days.
So, the interest due would be:
Interest = $13,000 x 0.09 x (90/365)
Now let's move on to part (b) - the total amount to be paid after 90 days.
The total amount to be paid would be the original principal ($13,000) plus the interest due.
Total amount = Principal + Interest
So, you just need to add the interest calculated in part (a) to the principal:
Total amount = $13,000 + Interest
Now it's time to do some quick calculations and find those answers for you! Give me a second... 🤔
To calculate the interest due and the total amount that must be paid after 90 days, we need to consider two factors: the principal amount and the interest rate.
(a) To find the amount of interest due, we can use the following formula:
Interest = Principal × Rate × Time
where:
Principal = $13,000
Rate = 9% (expressed as a decimal, which is 0.09)
Time = number of days (in this case, it is given as 90)
Let's plug in the values:
Interest = $13,000 × 0.09 × 90/365
Calculating this value, we get:
Interest = $336.16 (rounded to the nearest cent)
Therefore, the amount of interest due is $336.16.
(b) To find the total amount that must be paid after 90 days, we need to add the interest to the principal amount. The calculation is:
Total amount = Principal + Interest
Total amount = $13,000 + $336.16
Calculating this, we get:
Total amount = $13,336.16
Therefore, the total amount that must be paid after 90 days is $13,336.16.
To find the answer, we need to use the formula for calculating simple interest:
(a) The formula for calculating simple interest is:
Interest = Principal × Rate × Time
Where:
Principal = $13,000
Rate = 9% (expressed as a decimal, so 9% = 0.09)
Time = 90 days
To calculate the interest, substitute the values into the formula:
Interest = $13,000 × 0.09 × 90
Calculate the interest:
Interest = $13,000 × 0.09 × 90
= $13,000 × 8.1
= $105,300
Therefore, the amount of interest due is $105,300.
(b) The total amount that must be paid after 90 days is the sum of the principal and the interest.
Total amount = Principal + Interest
= $13,000 + $105,300
= $118,300
Therefore, the total amount that must be paid after 90 days is $118,300.