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).
a.
9 January 2016
b.
12 January 2016
c.
8 January 2016
d.
10 January 2016
e.
11 January 2016
f.
no answer
To find the date Ammar settles the loan, we need to calculate the number of days from 20 September 2015 to the date she settles the loan.
Using the Banker's Rule, we consider a year to have 360 days.
First, let's calculate the total interest she needs to pay using the formula:
Interest = Principal x Rate x Time
124.44 = 5000 x 0.08 x T (where T = time in years)
Simplifying the equation:
T = 124.44 / (5000 x 0.08)
T = 0.312
Next, let's calculate the number of days:
Number of days = T x 360
Number of days = 0.312 x 360
Number of days = 112.32
Therefore, she settles the loan after approximately 112 days.
Adding 112 days to 20 September 2015, we get:
20 September 2015 + 112 days = 10 January 2016
Thus, the correct answer is (d) 10 January 2016.