Joyce took out a loan for \$21,900 at 12 percent on March 18, 2007, which will be due on January 9, 2008. Using ordinary interest, Joyce will pay back on Jan. 9 a total amount:

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1. The length of the loan = 9mo.and 21 days:

t = 9 21/30 mo = 9.7 mo. = 0.81 yr.

A = Po + I,
A = 21,900 + 21,900*0.12*0.81,
A=21,900 + 212430=\$24,024.30 Amt.paid.

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