Mathematics, 03.07.2019 07:00 ravenl1001
Mark lends $3350 to ivan at a 6.25% per year. how much will mark receive if ivan repays the entire loan and interest after 8 months?
Answers: 2
![\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$3350\\ r=rate\to 6.25\%\to \frac{6.25}{100}\dotfill &0.0625\\ t=years\to \frac{8}{12}\dotfill &\frac{2}{3} \end{cases} \\\\\\ A=3350\left[1+(0.0625)\left(\frac{2}{3} \right) \right]\implies A=3350(1.041\overline{6})\implies A\approx 3489.58](/tpl/images/0045/4904/20f17.png)
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Mark lends $3350 to ivan at a 6.25% per year. how much will mark receive if ivan repays the entire l...
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