Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?

Question

02-04-2018
Mathematics

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Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00, what is the time period?

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takahiro takahiro · Answer 1 · 2018-04-11T09:52:03+02:00

takahiro takahiro

11-04-2018

For the answer to the question above,
Let's figure out the formula first
FV = PV(1+i/n)^(nt)
9762= 9000(1+0.12/12)^(12x)
9762= 9000(1.01)^12x
9762/9000=1.01^12x
1.08467=1.01^12x
ln1.08467/12 x ln1.01=0.681 years (8.17 months) same as my calculator
So,
0.681x360=
245.16 days is the time period

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