They decide to defer any purchases and loan the $5600 bonus to a needy relative at 5% simple interest per year. How long will the term of the loan need to be if they want to earn $500 in interest (assuming the loan is not paid off early). Show work
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing:
- They decide to defer any purchases and loan the $5600 bonus to a needy relative at 5% simple interest per year. How long will the term of the loan need to be if they want to earn $500 in interest (assuming the loan is not paid off early). Show work.
Given:
Amount of the item chosen, P=$5600
Simple interest per year,R=5%
Interest to be earned,I=%500
The objective is to find the time required to earn $500 in interest
Formula used:
Step by step
Solved in 3 steps
