Question

Suppose that Jane borrows $8400 from a bank on April 9 at an annual rate of 9.2% simple interest. How much does she owe on August 20 of the same year?

Answer 1

Answer:

Total amount of money that jane has will be  $8674.576

Step-by-step explanation:

Given data:

Time duration from 9 april to 20th august

so total number of days is  = 21 ( of april) + 31 +30 +31 +20 ( august) = 123

We know that,

simple interest is given as

$simple\  interest = \frac{P\times R\times T}{100}$

where, P is principle =  8400

T = time = 123 ÷ 365

R = Rate = 9.2

so we have Simple Interest $= \frac{8400\times 123\times 9.2}{365\times 100}$

simple interest = $274.576

Total amount of money that jane has will be

= 274.576 + 8400 = $8674.576