Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
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
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.