Ask Question

Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?

+2
Answers (1)
  1. 6 July, 05:56
    0
    For the answer to the question above,

    Let's figure out the formula first

    FV = PV (1+i/n) ^ (nt)

    9762 = 9000 (1+0.12/12) ^ (12x)

    9762 = 9000 (1.01) ^12x

    9762/9000=1.01^12x

    1.08467=1.01^12x

    ln1.08467/12 x ln1.01=0.681 years (8.17 months) same as my calculator

    So,

    0.681x360=

    245.16 days is the time period
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period? ...” 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