ParallelUniverse
12.02.2020 •
Business
Another bank is also offering favorable terms, so Rahul decides to take a loan of $22,000 from this bank. He signs the loan contract at 8% compounded daily for six months. Based on a 365-day year, what is the total amount that Rahul owes the bank at the end of the loan's term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
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Ответ:
$22,897.74
Explanation:
Given:
Loan amount (P) = $22,000
rate (R) = 8% = 8/100=0.08/365 = 0.000219178082
Number of days(n) = 6 month = (6 x 365)/12 = 182.5
Total Amount = ?
Therefore, he have to pay $22,897.74 to the bank.
Ответ:
- carol mars