Question

7. Principal = $39,300, Rate = 4.5%, Time = 6 months. What will that total principal + interest payment be rounded to the nearest dollar? o Lidhe total amount of

Answer 1

Given :

Principal = $39,300,

Rate = 4.5% = 0.045

Time = 6 months = 6/12 year = 0.5 year

Assume simple interest

So,

interest = Principal * rate * time = 39,300 * 0.045 * 0.5 = 884.25

So, the total = Principal + interest = 39,300 + 884.25 = 40,184.25

Rounding the answer to the nearest dollar

So, the total = $40,184