MATH SOLVE

4 months ago

Q:
# Dylan borrowed $2100 from the bank for 15 months. The bank discounted the loan at 2.6%. How much was the interest? $ State your result to the nearest penny. How much did Dylan receive from the bank? $ State your result to the nearest penny. What was the actual rate of interest? % State your result to the nearest hundredth of a percent.

Accepted Solution

A:

Answer:actual rate of interest is 2.08 %Step-by-step explanation:Given data borrowed = $2100 time = 15 monthsrate = 2.6%to find outinterest and receive from the bank and actual rate of interestsolutionwe know bank discounted the loan at 2.6%so interest will be 2.6% of $2100that is = 2.6/100 × 2100interest = $54.60so receive from the bank is borrowed money - interest receive = 2100 - 54.60receive from the bank is $2045.40 and we can say that interest is directly proportional to timeso interest of 12 months / interest of 15 month = 12 month time/ 15 month timehere interest of 12 months = 12/15 × interest of 15 monthinterest of 12 months = 12/15 × 54.60 interest of 12 months is $43.68 (annually)now we can calculate actual rate of interest that is = interest / borrowed money × 100actual rate of interest = 43.68/2100 × 100actual rate of interest is 2.08 %