Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
hello
to solve this question, we can simply use the formula of simple interest here where our principal value would be the maximum amount she can borrow at the moment
[tex]\begin{gathered} s\mathrm{}i=p(1+rt)_{} \\ \end{gathered}[/tex][tex]\begin{gathered} s\mathrm{}i=55000 \\ p=\text{ ?} \\ r=9\text{ \% = 0.09} \\ t=\text{ 4} \end{gathered}[/tex][tex]\begin{gathered} 55000=p(1+0.09\times4)_{} \\ 55000=p(1+0.36) \\ 55000=p\times1.36 \\ \text{divide both sides by the coeffiecient of p} \\ \frac{55000}{1.36}=\frac{1.36p}{1.36} \\ p=40441.17 \end{gathered}[/tex]from the calculations above, the maximum amount Logan can borrow at the moment is $40441.17
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.
