29.07.2022 - 09:39

# a. Find the simple interest on the loan. $1900 at 7% for 10 years. b. Find the total amount due for the simple interest loan.$1700 at 8% for 10 years. c. Determine the amount due on the compound

Question:

a. Find the simple interest on the loan.

$1900 at 7% for 10 years. b. Find the total amount due for the simple interest loan.$1700 at 8% for 10 years.

c. Determine the amount due on the compound interest loan. $15,000 at 3% for 10 years if the interest is compounded in the following ways. Annually$

Quarterly $_ Answers (0) • April 14, 2023 в 10:16 a. The simple interest on the loan is$1,330. This can be calculated using the formula I = P*r*t, where I is the interest, P is the principal amount, r is the annual interest rate, and t is the time in years. Plugging in the values given in the problem, we get I = 1900*0.07*10 = $1,330. b. The total amount due for the simple interest loan is$3,060. This can be calculated by adding the principal amount to the interest amount, which we calculated in part a. Therefore, total amount due = 1700 + 1360 = $3,060. c. The amount due on the compound interest loan is$22,614.44 when compounded annually, and $23,233.18 when compounded quarterly. This can be calculated using the formula A = P*(1+r/n)^(n*t), where A is the amount due, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the time in years. Plugging in the values given in the problem, we get: - Annually: A = 15000*(1+0.03/1)^(1*10) =$22,614.44 - Quarterly: A = 15000*(1+0.03/4)^(4*10) = $23,233.18 Do you know the answer? Not sure about the answer? Find the right answer to the question a. Find the simple interest on the loan.$1900 at 7% for 10 years. b. Find the total amount due for the simple interest loan. \$1700 at 8% for 10 years. c. Determine the amount due on the compound by subject Business, and if there is no answer or no one has given the right answer, then use the search and try to find the answer among similar questions.
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