i need the answers to all these questions asap my sister is waiting for me to have the answers and i really don't want to tell her i don't know so please give me the answers please
ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
Craig borrows $1000 at 9% simple interest per year. When Craig pays the loan back 11 years later, what is the total amount that Craig ends up repaying?
Larry borrows $1300 at 5% simple interest per month. When
Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying?
Fred borrows $40 at 0.8% simple interest per month. When Fred pays the loan back 2 years later, how much interest does
I = P*R*T
all questions use that formula, I will do one of them you do the others.
- important to note that whatever units you are using for T, the R must be the rate for that time period.
Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
I = ?
P = 1910
R = .026
T = 36 , number of months in 3 years
I = 1910(.026)(36) = 1787.76 , (high because of the nasty interest rate)
Step 1: Calculating the interest paid by Ian:
Interest = Principal * Rate * Time
Interest = $3580 * 31% * 7 years
Interest = $3580 * 0.31 * 7
Interest = $7851.80
Therefore, Ian pays approximately $7851.80 in interest.
Step 2: Calculating the interest paid by Zach:
Interest = Principal * Rate * Time
Interest = $1910 * 2.6% * 36 months (3 years)
Interest = $1910 * 0.026 * 36
Interest = $1478.32
Therefore, Zach pays approximately $1478.32 in interest.
Step 3: Calculating the total amount repaid by Craig:
Total amount = Principal + Interest
Total amount = $1000 + ($1000 * 9% * 11)
Total amount = $1000 + ($1000 * 0.09 * 11)
Total amount = $1000 + $990
Total amount = $1990
Therefore, Craig repays a total of $1990.
Step 4: Calculating the total amount repaid by Larry:
Total amount = Principal + Interest
Total amount = $1300 + ($1300 * 5% * 36 months (3 years))
Total amount = $1300 + ($1300 * 0.05 * 36)
Total amount = $1300 + $2340
Total amount = $3640
Therefore, Larry repays a total of $3640.
Step 5: Calculating the interest paid by Fred:
Interest = Principal * Rate * Time
Interest = $40 * 0.8% * 24 months (2 years)
Interest = $40 * 0.008 * 24
Interest = $7.68
Therefore, Fred pays approximately $7.68 in interest.
To find the answers to these questions, we can use the formula for simple interest:
Simple Interest = Principal × Rate × Time
Let's apply this formula to each question:
1. Ian borrows $3580 at 31% simple interest per year for 7 years.
Simple Interest = $3580 × 0.31 × 7 = $7918.60
So, Ian pays $7918.60 in interest.
2. Zach borrows $1910 at 2.6% simple interest per month for 3 years.
First, we need to convert the interest rate to yearly rate: 2.6% x 12 = 31.2%
Simple Interest = $1910 × 0.312 × 3 = $1785.84
So, Zach pays $1785.84 in interest.
3. Craig borrows $1000 at 9% simple interest per year for 11 years.
Simple Interest = $1000 × 0.09 × 11 = $990
So, Craig pays $990 in interest.
4. Larry borrows $1300 at 5% simple interest per month for 3 years.
First, we need to convert the interest rate to yearly rate: 5% x 12 = 60%
Simple Interest = $1300 × 0.60 × 3 = $2340
So, Larry pays $2340 in interest.
5. Fred borrows $40 at 0.8% simple interest per month for 2 years.
First, we need to convert the interest rate to yearly rate: 0.8% x 12 = 9.6%
Simple Interest = $40 × 0.096 × 2 = $7.68
So, Fred pays $7.68 in interest.
Hope this helps! Make sure to double-check the calculations.