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%=8.1100=0.081  i=a 1412 p=944 1412 0.081=89.208  x=a+i=944+89.208=1033.208=1033.21  USD 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 }



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