# 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!

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