24-04-2024
Mathematics

Answered

Please help due today!!! 20 points!

Compound Interest Over Irregular Periods

Many scenarios given to you when learning about the compound interest formula include whole years. Life doesn't always work in nice whole numbers! How would we handle a situation where we wanted to calculate a balance after 19 months or 27 months?

Scenario: Kira takes a $12,000 loan that has a 5 year term at 4.25% compounded daily. The terms of the loan state that she can make no payments for 6 months. After reading the fine print, Kira notices that interest will continue to accumulate during this 6 month grace period that will be rolled over into her loan balance.

1. If the compound interest formula is written in years, what value should you use for t to represent 6 months?

2. What will Kira's loan balance be after 6 months?

3. How much interest will be accumulated during this 6 month grace period?

Answer :

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