math word problem ?

A company borrows ​$11 comma 000 at 5​% for 90 days. Find ​(a) the amount of interest due and ​(b) the total amount that must be paid after 90 days.

8 Answers

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  • 1 month ago

    11,000 X 90/360 X 5/100= $11,137.50

  • 1 month ago

    If 5% is the rate for the period of 90 days.

    (a) I=$11,000*5%=$550

    (b) A=$11,000+$550=$11,550.

    If the annual interest rate is 5%.

    (a) I=$11,000*5*90/36500=$135.62

    (b) A=$11,000+$135.62=$11135.62.

  • Philip
    Lv 6
    1 month ago

    C borrows $11,000 @ 5% per annum for 90 days.;

    (a) Interest due after 90 days = 5%(90/360) of $11000 = $550/4 = $137.50.;

    (b) Total amount due after 90 days = $(11,000 + 137.50) = $11,137.50.;

  • 1 month ago

    A company borrows ​$11,000 at 5​% for 90 days.

     (a)

     the amount of interest due is $135.62

     and

    ​ (b)

     the total amount that must be paid after 90 days is $11,135.62.

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  • 1 month ago

    You asked a similar question yesterday, with different numbers, with the same missing information.

    https://answers.yahoo.com/question/index?qid=20200...

  • TomV
    Lv 7
    1 month ago

    Financial calculations are typically done with the assumption of 30 day months and 360 day years. Hence financial institutions would consider 90 days as 3 months or 1/4 of a year.

    I = 0.05*11000/4 = 550/4 = $137.50

    A = 11000+137.50 = $11137.50

  • sepia
    Lv 7
    1 month ago

     A company borrows ​$11,000 at 5​% for 90 days. 

     (a) 

     the amount of interest due is $135.62

     and 

    ​ (b) 

     the total amount that must be paid after 90 days is $11,135.62.

       

  • 1 month ago

    $11000 x 0.05 = $550 per complete year.

    Assuming we have 365 days/year then,

    (90/365) x $550 = $135.62...interest

    Hence, $11000 + $135.62 = $11135.62 is repaid

    :)>

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