# 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

- PinkgreenLv 71 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.

- PhilipLv 61 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.;

- KrishnamurthyLv 71 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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- llafferLv 71 month ago
You asked a similar question yesterday, with different numbers, with the same missing information.

- TomVLv 71 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

- sepiaLv 71 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.

- Wayne DeguManLv 71 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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