Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Next question
a man borrowed $3400 from a bank for 3 months. a friend was cosigner of the man's personal note. the bank collected 3% simple interest on the date of maturity.
a) how much did the man pay for the use of the money?
b) determine the amount he repaid to the bank on the due date of the note.
a) the man paid $ for the use of the money.
b) on the due date of the note, the man repaid to the bank.

Sagot :

The man paid $ 25.5 for the use of money.

The amount repaid to the bank on the due date is $3425.5

Calculate the total amount as well as the simple interest.

Calculating the amount of simple interest that will be charged on a loan can be done quickly and easily using the simple interest formula. To compute simple interest, multiply the principle, the number of days between payments, and the daily interest rate.

Principal(P)=$3400

Time(T)=3 months=1/4 yrs

Rate(R)=3%

The simple interest and final amount are calculated as follows:

Simple Interest(SI)=P*R*T/100

                               [tex]=\frac{3400*3*\frac{1}{4} }{100}[/tex]

                               =25.5

Net amount repaid=P+SI

                               =3400+25.5

                               =3425.5

Learn more about Simple Interest here:

https://brainly.com/question/20690803

#SPJ4

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.