a loan of 22,823 was repaid at the end of 12 months. What size repayment check (principal and interest) was written , if a 10.7 % annual rate of interest?

22,823 * 1.107 = ?

size= 22823*(1.107)

To calculate the size of the repayment check, you need to take into account both the principal amount and the interest. The formula to calculate the repayment amount for a loan is:

Repayment Amount = Principal + Interest

First, you need to calculate the interest accrued on the loan over the 12 month period. The formula to calculate simple interest is:

Interest = (Principal * Rate * Time) / 100

Where:
Principal is the initial loan amount,
Rate is the annual interest rate, and
Time is the time period in years.

In this case, the principal amount is $22,823, the annual interest rate is 10.7%, and the time period is 12 months (or 1 year). However, since the rate of interest is given annually, we need to convert it to a monthly rate by dividing it by 12:

Monthly Interest Rate = Annual Interest Rate / 12
= 10.7% / 12
= 0.892% (approx.)

Now, we can calculate the interest:

Interest = (Principal * Monthly Interest Rate * Time) / 100
= (22,823 * 0.892% * 12) / 100
= $2,046.57 (approx.)

Finally, we can calculate the repayment amount:

Repayment Amount = Principal + Interest
= $22,823 + $2,046.57
= $24,869.57

Therefore, a repayment check of approximately $24,869.57 would have been written.