Math / Numbers & Operations

QuestionUse ordinary interest: \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Principal & Interest Rate & Date Borrowed & Date Repaied & Time & Simple Interest & Amount Paid Back \\ \hline $\$ 9,000$ & 11 & $\%$ & April 20 & August 08 & & days & \\ \hline \end{tabular}

Studdy Solution

STEP 1

1. The principal amount is \$9,000.
2. The interest rate is 11% per annum.
3. The date borrowed is April 20.
4. The date repaid is August 08.
5. We are using ordinary interest, which assumes a 360-day year.
6. We need to calculate the time in days, the simple interest, and the total amount paid back.

STEP 2

1. Calculate the time in days between the borrowing and repaying dates.
2. Calculate the simple interest using the ordinary interest formula.
3. Calculate the total amount paid back.

STEP 3

Calculate the number of days from April 20 to August 08.
- April 20 to April 30: $10$ days - May: $31$ days - June: $30$ days - July: $31$ days - August 1 to August 8: $8$ days
Total days = $10 + 31 + 30 + 31 + 8 = 110$ days

STEP 4

Use the ordinary interest formula:
$\text{Simple Interest} = \frac{\text{Principal} \times \text{Rate} \times \text{Time}}{360}$
Substitute the known values:
$\text{Simple Interest} = \frac{9000 \times 11\% \times 110}{360}$

STEP 5

Calculate the simple interest:
$\text{Simple Interest} = \frac{9000 \times 0.11 \times 110}{360} = \frac{108900}{360} = 302.50$

STEP 6

Calculate the total amount paid back:
$\text{Amount Paid Back} = \text{Principal} + \text{Simple Interest} = 9000 + 302.50 = 9302.50$
The time in days is $110$ days, the simple interest is \$302.50, and the total amount paid back is \$9302.50.

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QuestionUse ordinary interest: \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Principal & Interest Rate & Date Borrowed & Date Repaied & Time & Simple Interest & Amount Paid Back \\ \hline $\$ 9,000$ & 11 & $\%$ & April 20 & August 08 & & days & \\ \hline \end{tabular}

Studdy Solution

STEP 1

STEP 2

1. Calculate the time in days between the borrowing and repaying dates.
2. Calculate the simple interest using the ordinary interest formula.
3. Calculate the total amount paid back.

STEP 3

Calculate the number of days from April 20 to August 08.
- April 20 to April 30: $10$ days - May: $31$ days - June: $30$ days - July: $31$ days - August 1 to August 8: $8$ days
Total days = $10 + 31 + 30 + 31 + 8 = 110$ days

STEP 4

Use the ordinary interest formula:
$\text{Simple Interest} = \frac{\text{Principal} \times \text{Rate} \times \text{Time}}{360}$
Substitute the known values:
$\text{Simple Interest} = \frac{9000 \times 11\% \times 110}{360}$

STEP 5

Calculate the simple interest:
$\text{Simple Interest} = \frac{9000 \times 0.11 \times 110}{360} = \frac{108900}{360} = 302.50$

STEP 6

Calculate the total amount paid back:
$\text{Amount Paid Back} = \text{Principal} + \text{Simple Interest} = 9000 + 302.50 = 9302.50$
The time in days is $110$ days, the simple interest is \$302.50, and the total amount paid back is \$9302.50.

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QuestionUse ordinary interest: \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Principal & Interest Rate & Date Borrowed & Date Repaied & Time & Simple Interest & Amount Paid Back \\ \hline$9,000\$ 9,000$9,000 & 11 & %\%% & April 20 & August 08 & & days & \\ \hline \end{tabular}

Studdy Solution

STEP 1

1. The principal amount is \$9,000.2. The interest rate is 11% per annum.3. The date borrowed is April 20.4. The date repaid is August 08.5. We are using ordinary interest, which assumes a 360-day year.6. We need to calculate the time in days, the simple interest, and the total amount paid back.

STEP 2

1. Calculate the time in days between the borrowing and repaying dates.2. Calculate the simple interest using the ordinary interest formula.3. Calculate the total amount paid back.

STEP 3

Calculate the number of days from April 20 to August 08.- April 20 to April 30: 10 10 10 days - May: 31 31 31 days - June: 30 30 30 days - July: 31 31 31 days - August 1 to August 8: 8 8 8 daysTotal days = 10+31+30+31+8=110 10 + 31 + 30 + 31 + 8 = 110 10+31+30+31+8=110 days

STEP 4

STEP 5

Calculate the simple interest:Simple Interest=9000×0.11×110360=108900360=302.50\text{Simple Interest} = \frac{9000 \times 0.11 \times 110}{360} = \frac{108900}{360} = 302.50Simple Interest=3609000×0.11×110​=360108900​=302.50

STEP 6

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QuestionUse ordinary interest: \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Principal & Interest Rate & Date Borrowed & Date Repaied & Time & Simple Interest & Amount Paid Back \\ \hline $\$ 9,000$ & 11 & $\%$ & April 20 & August 08 & & days & \\ \hline \end{tabular}

1. Calculate the time in days between the borrowing and repaying dates.
2. Calculate the simple interest using the ordinary interest formula.
3. Calculate the total amount paid back.

Calculate the number of days from April 20 to August 08.
- April 20 to April 30: $10$ days - May: $31$ days - June: $30$ days - July: $31$ days - August 1 to August 8: $8$ days
Total days = $10 + 31 + 30 + 31 + 8 = 110$ days

Calculate the simple interest:
$\text{Simple Interest} = \frac{9000 \times 0.11 \times 110}{360} = \frac{108900}{360} = 302.50$