Question: I am getting this answer wrong, and I don't understand....can you look at it? Find the total amount due for the simple interest loan. $1600at8%for

I am getting this answer wrong, and I don't understand....can you look at it?

Find the total amount due for the simple interest loan.$1600at8%for 10 years.

$

I came up with $1280.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

1.Find the simple interest on the loan. $1800at6%for 10 years. $ 2.Find the total amount due for the simple interest loan. $1700at6%for 10 years. $ 3.Determine the amount due on the compound interest...

Q:

LEARNING COMPETENCIES After studying this module, you will be able to do the following: Find the amount of simple and compound interest; Ascertain exact, ordinary interest, maturity value, and simple...

Q:

LEARNING COMPETENCIES After studying this module, you will be able to do the following: Find the amount of simple and compound interest; Ascertain exact, ordinary interest, maturity value, and simple...

Q:

Name: Score: Address: Mathematics 3 Module | MODULE TEST Solve the following problems. Round off the final answers to two decimal places. When you are done, read carefully and follow the instructions...

Q:

(Answer all Please this is a study Guide) QUESTION 1 1. A small retailer buys goods from a vendor with an invoice amount of $9,100. The terms of the sale are 2/10, n/30. What is the net amount due on...

Q:

T-bills (Treasury bills) are one of the instruments that the U.S. Treasury Department uses to finance the public debt. If you buy a 180-day T-bill with a maturity value of $500,000 for $200,893, what...

Q:

T-bills (Treasury bills) are one of the instruments that the U.S. Treasury Department uses to finance the public debt. If you buy a 180-day T-bill with a maturity value of $500,000 for $200,893, what...

Q:

find the total amount due on a loan of $5,000 for 8 years at 10% simple interest Content attribution QUESTION 3 : 1 POINT Find the total amount due on a loan of $5,000 for 8 years at 10% simple...

Q:

T-bills (Treasury bills) are one of the instruments that the U.S. Treasury Department uses to finance the public debt. If you buy a 180-day T-bill with a maturity value of $500,000 for $200,893, what...

Q:

6.0) 8. Find the simple interest on a $15,000 investment made for 3 years at an interest rate of 4% per year. What is the accumulated amount? (5) todo 9. Find the total amount due on a loan of $800...

Q:

(a) Show that the formula mass of NaCl is 58.443 ( 0.0012) g/mol.

Q:

Do you feel that racism will one day diminish among African Americans or will it be an ongoing issue?

Q:

Which one of the following statements is correct based on the historical record for the period 1 9 2 6 2 0 1 9 ? BQ A ) The standard deviation of returns for small - company stocks was double that of...

Q:

What design features should contribute to an increase in the value of this project? How would you know a specific design feature has value?

Q:

8. How can an interpreter influence the message?

Q:

The geographical location of the sender, i.e. where the sender resides

Q:

Subjective norms, i.e. the norms of the target group