problem:
John will buy a new car.
The interest rate is 8%, therefore he has to pay € 450,- in 160 days to the bank.
What is the loan?
anwswer:
1. step: given/wanted
interest: € 440,89
interest rate: 8%
time: 160 days
wanted: loan (capital) ?
2. step: calculate
Tom:
i = interest c = capital ir = interest rate d = days
i = c * ir * d / * 36 000
36 000
i * 36 000 = c * ir * d / : (ir * d)
c = i * 36 000
(ir *d)
c = 440,89 * 36 000
(8 * 160)
c = € 12 400,- (gerundet auf €)
3. step: answer
The loan is € 12 400,-.