a man borrowed $3800 from a bank for 9 months. a friend was cosigner of the mans personal note. the bank collected $4\frac{1}{2}\%$ 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.

Question

a man borrowed $3800 from a bank for 9 months. a friend was cosigner of the mans personal note. the bank collected $4\frac{1}{2}\%$ 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.

Accepted Answer

{ "quality": "clear", "question_count": 2, "skills_matched": [ "step_cot", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [], "new_concepts": [ "Simple Interest Formula", "Maturity Value" ], "current_concepts": [ "Simple Interest Formula", "Maturity Value" ] } ## Calculate the simple interest paid for the use of the money $$ \begin{aligned} P &= 3800 \ r &= 4.5\% = 0.045 \ t &= \frac{9}{12} = 0.75 \ I &= P \cdot r \cdot t \ I &= 3800 \cdot 0.045 \cdot 0.75 = 128.25 \end{aligned} $$ ## Calculate the total amount repaid on the due date $$ \begin{aligned} A &= P + I \ A &= 3800 + 128.25 = 3928.25 \end{aligned} $$ ## Question a The man paid $ 128.25 for the use of the money. ## Question b On the due date of the note, the man repaid $ 3928.25 to the bank. { "subject": "Mathematics", "question_type": "Fill-in-the-blank", "knowledge_point": [ "Mathematics", "Algebra", "Simple Interest Formula" ] }

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Question

Explanation:

Calculate the simple interest paid for the use of the money

Calculate the total amount repaid on the due date

Answer:

Question a

Question b