Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

​Joshua’s computer loan statement said he would pay​ $1,244.34 in simple interest for a​ three-year loan at​ 12.4%. How much did Joshua borrow to buy the​ computer?

Sagot :

[tex]~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$1244.34\\ P=\textit{original amount deposited}\\ r=rate\to 12.4\%\to \frac{12.4}{100}\dotfill &0.124\\ t=years\dotfill &3 \end{cases} \\\\\\ 1244.34=P[1+(0.124)(3)]\implies 1244.34=P(1.372) \\\\\\ \cfrac{1244.34}{1.372}=P\implies 906.95\approx P[/tex]

We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.