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A man took out a $47,000 construction loan to remodel a house. The loan rate is 8.6% simple interest per year to be repaid in six months. How much is paid back?

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Respuesta :

We will have the following:

First, we determine the monthly interest rate:

[tex]\frac{0.086}{12}=\frac{43}{6000}\approx7.2\ast10^{-3}[/tex]

So, the monthly interest will be 43/600, so:

[tex]A=47000(1+(\frac{43}{6000})(6))\Rightarrow A=49021[/tex]

So, he will have to pay back $49 021.

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