A bank charges 6% interest in advance (6% simple discount). If Alexander signs a document for $2,000 over 5 months, what amount will the bank receive?

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Answer to a math question A bank charges 6% interest in advance (6% simple discount). If Alexander signs a document for $2,000 over 5 months, what amount will the bank receive?

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Adonis

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102 Answers

Step 1: Calculate the total interest charged by the bank.
Given that the bank charges 6% interest in advance, this is equivalent to a 6% simple discount. We can calculate the total interest charged by the bank using the formula for simple discount:
Simple discount = Principal x Rate x Time
Substitute the given values:
Simple discount = $2,000 x 6% x 5 months

Step 2: Calculate the total amount the bank will receive.
The total amount the bank will receive is the principal amount minus the total interest charged:
Total amount received = Principal - Simple discount

Step 3: Substitute the previously calculated values into the formulas to find the total amount the bank will receive.
Simple discount =

2,000 x 6% x 5 months =

2,000 x 0.06 x 5 =

2,000 x 0.30 =

600

Total amount received =

2,000 -

600 = $1,400

Therefore, the bank will receive

\$1,400

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