Question

hello i am currently working on some examples given with the answers in the back, so i was wondering if someone could help me with this problem: bank was paid $19.48 interest at 9.5% for 90 days and now i need to find out the amount borrowed, i set up the formula 19.48 .095*90/360, * the denominator, divided the numerator by .02375 according to the book the answer is $820.21, i cannot get to that number what am i missing? help this very new student to algebra thanks in advance

Answer 1

what was your final answer??

Answer 2

15,157.89

Answer 3

way off lol

Answer 4

divide the numerator by by result of step 2 which was 0.2375

Answer 5

when i worked it out, i got 831.60

Answer 6

not sure whats going on with the answer, all answers in back of book and $820.21 is what they say

Answer 7

so my formula is way off somewhere

Answer 8

what formula did you use???

Answer 9

check whether you have entered the right values.....

Answer 10

0.95*90/360 0.95/360=.02375/360

Answer 11

sorry

Answer 12

sorry for dbl entry

Answer 13

it is supposed to be 365 not 360 because there are 365 days in a year....

Answer 14

simple interest so 360

Answer 15

sorry didnt mention that earlier

Answer 16

\[SI=\frac{ P \times R \times T }{ 100 }\]

Answer 17

its the letters which confuse me at the moment understand princ*rate*time over 100 but cannot seem to get the answer have never done algebra

Answer 18

thanks for your help

Answer 19

yw :)