# A loan

A loan in the amount of $944 is charged simple interest at an annual rate of 8.1%. How much money is owed 14 months after the loan was made? Result x = 1033.21 USD #### Solution: $a = 944 \ \\ p = 8.1 \% = \dfrac{ 8.1 }{ 100 } = 0.081 \ \\ \ \\ i = a \cdot \ \dfrac{ 14 }{ 12 } \cdot \ p = 944 \cdot \ \dfrac{ 14 }{ 12 } \cdot \ 0.081 = 89.208 \ \\ \ \\ x = a + i = 944 + 89.208 = 1033.208 = 1033.21 \ \text { USD }$ Our examples were largely sent or created by pupils and students themselves. Therefore, we would be pleased if you could send us any errors you found, spelling mistakes, or rephasing the example. Thank you! Leave us a comment of this math problem and its solution (i.e. if it is still somewhat unclear...): Showing 0 comments: Be the first to comment! #### Following knowledge from mathematics are needed to solve this word math problem: ## Next similar math problems: 1. Loan 4 Mr santos borrowed Php.18,000 at 1.5% interest for one year. What was the total amount he paid for the end of the 1-year term? 2. Compound interest 3 After 8 years, what is the total amount of a compound interest investment of$25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
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