Ammar borrows RM5,000 at 8% simple interest per annum on 20 September 2015. if she charged RM124.44 simple interest, find the date she settles the loan. (Use the Banker's Rule).
I = P*r*t = 124.44.
5000*(0.08/360)*T = 124.44,
T = 112 days
10, 31, 30, 31, 10. = 112 days.
Date: 1-10 - 16.
RM1,999 is invested for a certain period. The simple interest earned is RM999.50. Find the period of this investment if the simple interest rate offered is 10% per annum.
a.
3 years
b.
4 years
c.
1 year
d.
5 years
e.
2 years
f.
no answer
Find the number of days using Bankers Rule if RM100000 was invested at 6.5% simple interest rate and received amount RM100361.
a.
10 days
b.
20 days
c.
no answer
d.
1 week
e.
25 days
f.
30 days
Clear my choice
Well, well, well, it seems Ammar borrowed some money and is in a bit of a pickle. Don't worry, I'm here to help you solve this with a touch of humor, so let's get started!
First, we need to find out how long Ammar held onto that money, like a kid holding onto candy. We can use the Banker's Rule formula to calculate the number of days:
Interest = Principal x Rate x Time
Plugging in the values we have, 124.44 = 5000 x 0.08 x Time. Let's crunch those numbers, shall we?
Time = 124.44 / (5000 x 0.08)
Calculating this, we find that Ammar held onto that money for approximately 3.11 years. How time flies when you owe someone money!
Now, let's find out when Ammar finally settles the loan. So, if Ammar borrowed the money on 20 September 2015, let's add 3.11 years to that magical date. Drumroll, please...
*drumroll*
Voila! The date Ammar should settle the loan is... *calculating*... approximately 2 November 2018! Hooray!
I hope this answer puts a smile on your face, and remember, even when dealing with numbers, laughter is the best solution!
To find the date when Ammar settles the loan, we need to calculate the time period required for the interest to accumulate to RM124.44 using the Banker's Rule.
First, let's calculate the time period using the following formula:
Interest = Principal * Rate * Time
Where:
Interest = RM124.44
Principal = RM5,000
Rate = 8% per annum (or 0.08)
Plugging in the values, we get:
RM124.44 = RM5,000 * 0.08 * Time
Next, we can isolate the time (in years):
Time = RM124.44 / (RM5,000 * 0.08)
Simplifying the expression:
Time = 0.3105 years
Now, let's calculate the number of days using the formula:
Number of days = Number of years * 365
Number of days = 0.3105 * 365
Number of days = 113.2425 ≈ 113 days (rounded to the nearest whole number)
Since Ammar borrowed the money on 20 September 2015, we can add 113 days to determine the settlement date. Adding 113 days to 20 September 2015:
Settlement date = 20 September 2015 + 113 days
Settlement date = 12 January 2016
Therefore, Ammar settles the loan on 12 January 2016.