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31 December, 08:13

Find the total amount owed, to the nearest cent, for a simple interest loan with a principal of $2950, an interest rate of 7.4% and a time period of 1.5 years. Show

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  1. 31 December, 08:39
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    A = $ 3,283.44

    A = P + I where

    P (principal) = $ 2,950.00

    I (interest) = $ 333.44

    Step-by-step explanation:

    A = P (1 + r/n) ^nt

    Where:

    A = Accrued Amount (principal + interest)

    P = Principal Amount

    I = Interest Amount

    R = Annual Nominal Interest Rate in percent

    r = Annual Nominal Interest Rate as a decimal

    r = R/100

    t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

    n = number of compounding periods per unit t; at the END of each period
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