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:
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.
To calculate the total amount Joyce will have to pay back on January 9, 2008, we need to consider the interest accrued over the loan period.
First, we need to determine the time period from March 18, 2007, to January 9, 2008:
Number of days from March 18, 2007, to January 9, 2008:
= 299 days (including both start and end dates)
Next, we need to calculate the interest accrued on the loan:
Principal amount = $21,900
Interest rate = 12%
Interest accrued = Principal amount * Interest rate * Time
= $21,900 * 0.12 * (299/365)
= $1,799.07 (rounded to the nearest cent)
To find the total amount Joyce will have to pay back on January 9, we add the interest accrued to the principal amount:
Total amount = Principal + Interest accrued
= $21,900 + $1,799.07
= $23,699.07
Therefore, Joyce will need to pay back a total amount of $23,699.07 on January 9, 2008.
To calculate the total amount that Joyce will pay back on January 9, 2008, we first need to find the interest amount she will pay.
The interest can be calculated using the formula:
Interest = Principal * Rate * Time
Here,
Principal = $21,900
Rate = 12% per year
Time = The duration from March 18, 2007, to January 9, 2008.
To find the time, we can count the number of days between March 18, 2007, and January 9, 2008.
Step 1: Counting the number of days:
From March 18, 2007, to December 31, 2007, there are 288 days (9 months * 30 days per month + 3 days (18th - 31st)).
From January 1, 2008, to January 9, 2008, there are 9 days.
Step 2: Calculating the time in years.
The total number of days is 288 + 9 = 297.
To convert this to years, we divide by the number of days in a year (365 days).
Time = 297 days / 365 days = 0.813 years.
Step 3: Calculating the interest:
Interest = $21,900 * 0.12 * 0.813 = $2,680.84
Finally, to find the total amount Joyce will pay back on January 9, 2008, we add the principal amount and the interest amount:
Total amount = Principal + Interest = $21,900 + $2,680.84 = $24,580.84
Therefore, Joyce will pay back a total amount of $24,580.84 on January 9, 2008.