Question

$34,300 loan at 3.5% for 4 months.

Answer 1

keeping in mind that 4 months is not even a year, since there are 12 months in a year, 4 months is then 4/12 years.

let's assume is simple interest.

`\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$34300\\ r=rate\to 3.5\%\to (3.5)/(100)\dotfill &0.035\\ t=years\to (4)/(12)\dotfill &(1)/(3) \end{cases} \\\\\\ A=34300\left[ 1+(0.035)\left( (1)/(3) \right) \right]\implies A= 34300(1.011\overline{6})\implies A=34700.1\overline{6}`