A man borrowed \$1,000 on May 1,1999 and agreed to repay the money plus 8% interest in six months. Two months after the money was borrowed, the creditor agreed to settle the debt by discounting it at the simple interest rate of 9%. How much did the creditor receive when he discounted the debt.

1. 👍
2. 👎
3. 👁

## Similar Questions

1. ### math

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back

2. ### math

Ms. Jackson borrowed \$42,000 at 8.75% annual simple interest to buy her house. If she won the Irish Sweepstakes exactly 1 yr later and was able to repay the loan without penalty, how much interest would she owe?

3. ### Mathematics

A friend lends you \$120, which you agree to repay with 2% interest. How much will you have to repay? How much of that was interest?

4. ### Mathematics

In January 2020, Nick Marasigan and Dems Asacta agreed to produce and sell chocolate candies. Marasigan contributed P 2, 400, 000 in cash to the business. Asacta contributed the building and equipment valued at P 2, 200, 000 and P

1. ### maths

Sophie borrowed \$2000 and took 3 years to repay the loan and \$900 interest. a)What was the per annum simple interest rate? b) If Sophie�s interest was calculated at the same rate on the balance owing, how much would she have

2. ### Math

You borrow \$2,000 for a period of 4 years. You are charged simple interest at a rate of 3%. How much will you repay at the end of 4 years? So, do I draw out the formula I = P x R x T. I = Interest - unknown P = Principal - 2,000 R

3. ### Math

A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed \$17,000 over a period of 2 years. How much did he repay altogether?

4. ### Consumer math !!!! please check

Determine the total in Dexter's account after the second month using the information below. Dexter Banler's account Principal: \$1,604 Rate: 10% compound Length of period: month >\$3208.00 \$1764.40 \$1630.85 3. Ray Sugar's account

1. ### Maths

Mrs Ricky borrowed \$5,340 at a bank at 9.5% per annum simple interest for 5 years. (A) the sum of money paid in interest to the bank. (B) the total amount of money repaid to the bank. (C) the value of each monthly installment.

2. ### Precalculus

A museum borrows \$2,000,000 at simple annual interest to purchase new exhibits. Let x represent the amount borrowed at 7%, y represent the amount borrowed at 8.5%, and z represent the amount borrowed at 9.5%. Set up a system of

3. ### math

Mr. Jones got a loan for a sum of money, and at the time of repayment he owned \$75.00 in interest. Mr. Brown borrowed three times the amount of money Mr. Jones had borrowed at the same rate of interest for twice as long a time.