Respuesta :
If my disposable income from a part-time job in 2019 was $17,000, and I repaid a loan of $560 at 15 percent interest, borrowed in 2018 from my income of 2019, then I will have $ available for spending in 2019.
As per the question statement, my disposable income from a part-time job in 2019 was $17,000, and I repaid a loan of $560 at 15 percent interest, borrowed in 2018 from it.
We are required to calculate the amount I will be left with, to spend in 2019.
To solve this question, first, let us calculate the amount we had to pay to close our loan of 2018, along with it's 1 year's interest.
Since the loan was repaid in a year, hence, it does not matter if the interest was simple or compound as the magnitude of simple and compound interest on the same principle and at same rate of interest for a year is equal.
Let us proceed with the consideration that the interest was compounded annually at the rate of 15% per annum.
As per the basic formula of Compound Interest,
[tex]A=[P*(1+\frac{R}{100})^n][/tex]
Where, A = Final Amount i.e., (Principle + Interest).
P = Principle on which Interest in compounded
R = Rate of Compound Interest per annum
n = Time period of interest .
Here, (P = $560), (R = 15%) and (n = 1).
Therefore, total amount to be repaid to close the loan in 2019
[tex]=[560*(1+\frac{15}{100})^1]\\\\=[560*(1+\frac{3}{20})]\\=[560*(\frac{20+3}{20})]\\ =(560*\frac{23}{20})\\ =(28*23)\\=644[/tex]
Hence, my left-over balance after paying $644 from my disposable income of $17,000 which I earned from a part time job in 2019, will be $(17000 - 644) = $16356.
- Loan: In Business, a loan is a lended a sum of money that is expected to be paid back with interest.
- Interest: Interest is the amount, paid regularly at a particular rate of the main principle borrowed, for the use of money lent, or for delaying the repayment of a debt.
To learn more about Loans and Interest, click on the link below.
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