Respuesta :
Answer:
student pay interest = $247.5
future value is $3247.5
Step-by-step explanation:
Given data
principal = $3000
time period (t) = 9 months = 9/12 = 0.75 year
rate = 11.75 %
to find out
amount of interest and future value
Solution
first we calculate the future value by simple interest formula i.e.
future value = principal (1 + rate ×time ) ....................1
put all value rate, time principal in equation 1 we get future value
future value = principal (1 + rate ×time )
future value = 3000 (1 + 0.11 × 0.75 )
future value = $3247.5
student pay interest = future value - principal
student pay interest = $3247.5 - $3000
student pay interest = $247.5
Answer: (a) $264.375 ⇒ Amount of Interest
(b) Future Value = $3264.375
Step-by-step explanation:
(a) Principal amount = $3000
Time period = 9 months
Interest rate = 11.75%
Simple interest(SI) = principal amount × rate of interest (i) × time period
= 3000 × [tex]\frac{11.75}{100}[/tex] × [tex]\frac{9}{12}[/tex]
= 3000 × 0.1175 × 0.75
= $264.375 ⇒ Amount of Interest
(b) Future value of loan = principal amount + interest amount
= 3000 + 264.375
= 3264.375
