Quantitative Reasoning

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  • #29729

    Ezra Halleck
    Participant

    27. Wanda’s little sister Jacqueline had an urgent need for some cash but had no way until the summer to begin paying it off. Being mean, Wanda charges the shark rate of 2% per month but in a last minute pang of conscience she allowed the interest to be simple rather than compounded. Write an equation expressing the total amount owed by Jacqueline as function of time in months (from October 1). If the loan happened at the beginning of the fall (October 1), how much will Jacqueline owe at the beginning of the summer (July 1)?

    #29781

    angelys liriano
    Participant

    A=P(1+r/n)nt

    A=1,000(1+0.02/12)12(9)

    A=,1000(0.085)108

    A=1,000(9.18)

    A=9,180

    Jacqueline will owe 9,180 at the beginning of the summer.

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