Asked by Jennifer Aguilar on May 30, 2024
Verified
Megan was charged $124.83 interest on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principal balance on the loan during the period?
Bank Loan
Money lent by a bank to a customer, usually with interest, that is expected to be repaid within a certain period.
Outstanding Principal
The remaining amount of money borrowed that has not yet been repaid.
- Absorb the principles of simple interest computation and its application in several financial situations.
- Investigate the impact of diverse interest rates on the interest accrued over several time spans.
Verified Answer
XD
Learning Objectives
- Absorb the principles of simple interest computation and its application in several financial situations.
- Investigate the impact of diverse interest rates on the interest accrued over several time spans.