Answer:
$422
Step-by-step explanation: Interest is 5.3% per annum that is (16000*5.3%)
=$848 for 365 days or per annum
For 182 days= (182/365)*848
=$422
The amount that Kura will owe at the end of the year=$16,423
Given:
Loan Amount=$16,000
Rate of interest=5.3%
Time period=182 days
To find:
Amount that Kura will owe at the end of the year
Step by Step Explanation:
Solution:
Formula used for calculating amount is given as
[tex]\text { Amount Kura will owe after the end of year }=\text { Principle }+S . I[/tex]
Also Simple Interest S.I is given as
[tex]S . I=\frac{P N R}{100}[/tex]
Where P=Principal amount or loan amount
N=Time period
R=Rate of interest
[tex]S . I=\frac{16,000 \times\left(\frac{282}{965}\right) \times 5.3}{100}[/tex]
[tex]S . I=\frac{16,000 \times 0.4986 \times 5.3}{100}[/tex]
[tex]S . I=\frac{42281.3}{100}[/tex]
S.I=422.813
Substitute the value of S.I in the main equation we get
[tex]\text { Amount }=\text { Principal }+S . I[/tex]
Amount=16000 + 423
=$16,423
Result:
Hence, Kura will owe $16,423 after one year.
