Question: can someone show me the work the correct answer was 113 Suppose Fred borrowed $5,683 for 11 months and Joanna borrowed $4,899. Fred's loan used
Suppose Fred borrowed $5,683 for 11 months and Joanna borrowed $4,899. Fred's loan used the simple discount model with an annual rate of 9.7% while Joanne's loan used the simple interest model with an annual rate of 2.9%. If their maturity values were the same, how many months was Joanna's loan for? Round your answer to the nearest month. 113 margin of error %/3 Hint: To solve this problem, remember that you are using two different sets of equations, the simple interest equations (M=P+1,1=PRT,P=M/(1+RT),I= MRT/(1+RT) ) and the simple discount equations ( D=Md,T,P=MD,M= P/(1d,T),D=Pd,T/(1d,T)). To help make the problem easier, split your paper in two and look at each side individually, writing out what each of their variables are equal to. Also, remember that when a variable is the same, you can set two equations equal to each other as long as the variable is isolated on one side. Make sure to adjust term both in your equations and for the final answer as it is in weeks and the rates are annual
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