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A loan of $19,221 was repaid at the end of 17 months. What size repayment check (principal and interest) was written, if a 9.7% annual rate of interest was charged? The amount of the repayment check was $ 45447.53). (Round to two decimal places.)

Respuesta :

Answer:

The amount of the repayment check was $21862.29.

Step-by-step explanation:

Principal P = $19221

Rate r = 9.7% = 0.097

Time t = 17 months = [tex]17/12= 1.41667[/tex] years

[tex]I= p\times r\times t[/tex]

[tex]I= 19221\times0.097\times1.41667[/tex] = $2641.29

The loan repayment is the original principal plus the interest.

= [tex]19221+2641.29=21862.29[/tex] dollars

The amount of the repayment check was $21862.29.

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