Kim Wilson borrowed $7,800 from Guaranteed Bank for 24 months. Assuming the bank charges Kim 7.625%...
Kim Wilson borrowed $7,800 from Guaranteed Bank for 24 months. Assuming the bank charges Kim 7.625% annually for this loan, calculate the following. (Round your responses to the nearest cent if necessary.)
A) Interest?
B) Maturity?
Homework Answers
| Statement showing Computations | |
| Particulars | Amount |
| A= P(1+r/100)^n | |
| A= 7800 *(1+.07625)^2 | |
| A= 7800 *(1.07625)^2 | |
| A= $9,034.85 | |
| Interest = 9034.85 - 7800 | 1,234.85 |
| Maturity = | 9,034.85 |
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