Algebra Needed

[OldLady]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

 

[strollingbones]

You need people for that...i am not one of those people

 

[Moonglow]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

 

[OldLady]

You need people for that...i am not one of those people

You're right--I do need people. No math people around here on Fridays. Ran into this problem with a student last night, and I tried and tried to isolate t, but I couldn't do it.

 

[OldLady]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

Moon, how did you do it? I need to show the student, too.

 

[Fueri]

43.2 months

Monthly Payments

$ 13.62

Total Principal Paid$500
Total Interest Paid$99.31

 

[Moonglow]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

Moon, how did you do it? I need to show the student, too.

I’ve dealt with a lot of loans.

 

[Fueri]

Plugged it into an amortization table calculator.

 

[Fueri]

Amortization Calculation Formula

 

[blastoff]

My expertise in algebra ends with knowing it and I are solar systems apart.

 

[OldLady]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

Moon, how did you do it? I need to show the student, too.

I’ve dealt with a lot of loans.

You made it up, right?

 

[Moonglow]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

Moon, how did you do it? I need to show the student, too.

I’ve dealt with a lot of loans.

You made it up, right?

Yep, After being an electronic tech I stay away from algebra...

 

[OldLady]

Amortization Calculation Formula

Ummmm.....thanks, Fueri, but I think that might be a different class.

 

[Fueri]

Amortization Calculation Formula

Ummmm.....thanks, Fueri, but I think that might be a different class.

Yep, that's finance.

 

[OldLady]

Simple Interest formula:
A = P x (1+rt) Total amount = principal x (1 + percent of interest x length of time of loan)
Okay, I get that.

George is going to borrow $500 at 10% APR simple interest. He wants his total interest payment to be at most $100. What length of time can he take out the loan if that is the most he wants to pay on interest?

I couldn't do this 'cause me and algebra do not get along. Can anyone show me how to do it?

Six months. Depends if there are document fees

Moon, how did you do it? I need to show the student, too.

I’ve dealt with a lot of loans.

You made it up, right?

Yep, After being an electronic tech I stay away from algebra...

I'm not trying to insult you--do you not know how you got the answer, if that is the answer? What did you add/subtract/multiply/divide or pray over in order to get that answer?

 

[Tresha91203]

You must also know that P+I=A.

A=500(1+0.1x). so
P+I=500(1+0.1x)
500+100=500+50x
600=500+50x
100=50x
2=x

2 years (if it's *annual*). If they ask how many months, convert to 24.

 

[Moonglow]

Ten percent of 500 is fifty so it is two years but at 500 I would only take the loan out for six months.

 

[OldLady]

I used simpler numbers in my example here than in the problem I was trying to figure out. I came up with 2 years, too, just common sense, knowing 10% of 500 is $50. But that made it too easy--I'm not sure what I did to know that. Okay. I'm going to try the formula Tresha gave me with the real numbers.

 

[strollingbones]

Again you need people not these people

 

[OldLady]

You must also know that P+I=A.

A=500(1+0.1x). so
P+I=500(1+0.1x)
500+100=500+50x
600=500+50x
100=50x
2=x

2 years (if it's *annual*). If they ask how many months, convert to 24.

Great I plugged in my numbers and came up with 28. I suppose it could be 2.3 years, but I didn't do any converting, so it shouldn't have come out months.
I give up on this formula.