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a man borrowed $3400 from a bank for 3 months. a friend was cosigner of the man's personal note. the bank collected 3% simple interest on the date of maturity.
a) how much did the man pay for the use of the money?
b) determine the amount he repaid to the bank on the due date of the note.
a) the man paid $ for the use of the money.
b) on the due date of the note, the man repaid to the bank.

Sagot :

The man paid $ 25.5 for the use of money.

The amount repaid to the bank on the due date is $3425.5

Calculate the total amount as well as the simple interest.

Calculating the amount of simple interest that will be charged on a loan can be done quickly and easily using the simple interest formula. To compute simple interest, multiply the principle, the number of days between payments, and the daily interest rate.

Principal(P)=$3400

Time(T)=3 months=1/4 yrs

Rate(R)=3%

The simple interest and final amount are calculated as follows:

Simple Interest(SI)=P*R*T/100

                               [tex]=\frac{3400*3*\frac{1}{4} }{100}[/tex]

                               =25.5

Net amount repaid=P+SI

                               =3400+25.5

                               =3425.5

Learn more about Simple Interest here:

https://brainly.com/question/20690803

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