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March 28, 2017

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Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?

Using the scenario from the previous question, determine the maturity date of the loan.

  • Business Math - ,

    I = 2600-2000 = $600

    I = Po*(0.06/360)*t = 600
    2000*(0.06/360)*t = 600
    0.333t = 600
    t = 1800 Days = 5 yrs(Assuming 360 days/yr)

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