1 / 4

Section 9.2

Section 9.2. Finding Principal, Rate, and Time. USE I = P x R x T. NOTE: unless specified, we will use the ordinary interest with 360 days in this section! Use the percent circle concept…. A 90 day loan with a rate of 12% results in interest of $285. Find the principal.

bricec
Download Presentation

Section 9.2

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Section 9.2 Finding Principal, Rate, and Time

  2. USE I = P x R x T • NOTE: unless specified, we will use the ordinary interest with 360 days in this section! • Use the percent circle concept…

  3. A 90 day loan with a rate of 12% results in interest of $285. Find the principal. • A loan made on May 12 must be repaid on December 18. Find the principal given that the rate is 9% and the interest at maturity is $1551. • A 4 month loan for $15,000 has interest of $412.50. Find the rate to the nearest tenth of a percent.

  4. A loan of $37,000 made on February 4 results in interest of $770.83. If the loan is due on May 15 find the rate to the nearest tenth of a percent. • A loan for $22,000 results in interest of $1283.33 at 10.5%. Find the time to the nearest day.

More Related