Ask Question
20 September, 02:55

You decide to buy a 60 in plasma-screen tv. you borrow $4300 from the electronics store at 1.8% per month simple interest, with no payments due for 2 years from the date of purchase. how much will you owe on the loan after 15 months? round your answer to the nearest whole dollar.

+4
Answers (1)
  1. 20 September, 03:02
    0
    4300 is your principal

    1.8% interest rate (change it into decimal form; 0.018)

    2 years is our time

    We'll now multiply our variables.

    4300 x 0.018 x 2 = 154.80

    This shows that in 2 years at their interest rate that they have earned 154.80.

    We will add the $154.80 to the original borrowed amount of 4300.

    $4454.80 will be how much they will owe after 2 years.

    To find out the amount in 15 months we'll divide 15 months by 12 and we get 1.25 and now we multiply the numbers again.

    4300 x 0.018 x 1.25 = 96.75

    They will pay $96.75 in interest within 15 months and we'll add it to the 4300.

    $4397 will be how much they will pay after 15 months.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You decide to buy a 60 in plasma-screen tv. you borrow $4300 from the electronics store at 1.8% per month simple interest, with no payments ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers