Answer:
Cash loan = $160
Big screen TV = $680
College loan = $21775
Step-by-step explanation:
Cash loan :
Loan amount or principal = $100
Interest rate, r = 20.0%
Time, t = 3 years
Using the relation :
Simple interest = Principal * rate * time
$100 * 0.2 * 3 = $60
Final amount = loan amount + interest on loan
Final amount = $100 + $60 = $160
Big Screen TV:
Principal = $500
Rate, r = 9.0%
Time, t = 4 years
Interest amount = (500 * 0.09 * 4)
Interest amount = $180
Final amount = principal amount + interest on loan
Final amount = $500 + $180 = $680
College loan
Principal, = $13,000
Rate, r = 4.5%
Time, t = 15 years
Interest amount = (13000 * 0.045 * 15)
Interest amount = $8775
Final amount = principal amount + interest on loan
Final amount = $13000 + $8775 = $21775
