A service member takes out a personal loan of \6,000 from a credit union to cover emergenc… — Armed Services Vocational Aptitude Battery (ASVAB)

A service member takes out a personal loan of $\$6,000$ from a credit union to cover emergency travel expenses. The credit union charges an annual simple interest rate of $8\%$ . If the loan is fully repaid in exactly $9$ months, what is the total amount, in dollars, that must be repaid?

Cevap: 6360

Cevap

6360

The total repayment is found by first calculating the interest using

I = PRT

and then adding it to the principal. The time must be converted to years:

9 \text{ months} = 0.75 \text{ years}

I = 6000 \times 0.08 \times 0.75 = 360

. The total amount is

6000 + 360 = 6360

Adım Adım Çözüm

Identify the given parameters and convert time to years.

P = 6000

R = 0.08

T = 9/12 = 0.75

years

The simple interest formula requires time to be in years when the rate is an annual rate.

Calculate the accumulated simple interest.

I = 6000 \times 0.08 \times 0.75 = 360

Interest (

I

) is found by multiplying Principal (

P

), Rate (

R

), and Time (

T

Calculate the total amount to be repaid.

A = 6000 + 360 = 6360

The total repayment includes both the original principal borrowed and the accumulated interest.

Anahtar Kavram

Calculating simple interest for a fractional year and determining the total maturity value of a loan.

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