928747
Answered

Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Get detailed and accurate answers to your questions from a community of experts on our comprehensive Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Jim took out a loan for $500 . The rate is 8%. How much does Jim owe in interest if he plays it back in 4 1/2 years?

What is the balance that jim owes for his loan?

Sagot :

agbliyah

Answer:

If jim pays the loan back in 4 1/2 years he will be paying $597.03

Step-by-step explanation:

As per simple interest, Jim owes $180 in interest.

Jim owes a balance of $680 for his loan.

What is a simple interest?

"By definition, simple interest is the interest amount for a particular principal amount of money at some rate of interest."

Given, the loan amount is P = $500.

The rate of interest is i = 8% = 0.08.

The duration is [tex]4\frac{1}{2}[/tex] years t = 4.5 years.

Therefore, the interest after the mentioned period

= (P × i × t)

= $(500 × 0.08 × 4.5)

= $180

Therefore, Jim owes $180 in interest if he pays it back in mentioned time period.

The balance that Jim owes for loan is

= $(500 + 180)

= $680

Learn more about simple interest here: https://brainly.com/question/23242722

#SPJ2

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.