5.
Bill's BBQ needs a new smoker and decides to borrow the money. They take out a loan of $4100 at a
simple interest APR of 5.3%. The day they go to pay off the loan, they are required to pay back the bank,
$4244.87. If the loan was acquired on February 1, what was the date it was paid off. Round your answer
to the first day of the month.

Respuesta :

Answer:

October 1

Step-by-step explanation:

4244.87=4100(1+.053n)

1.03533=1+.053n

.03533=.053n

.6666=n

this means that it took 2/3 of a year to pay off the loan. 2/3 of a year is about 8 months which brings you to october 1