Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…
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Question

How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?

Expert Solution
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Step 1

Given the Principal amount P= $5550

Rate of interest =7.25% =0.0725 

Time, t=9 months = 912=0.75 years.

The loan is borrowed in a simple interest rate.

 

 

 

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