Aloan of $19,221 was repaid at the end of 17 months. what size repayment check (principal and interest) was written, if a 9.7% annual rate of interest was charged? the amount of the repayment check was $ 45447.53). (round to two decimal places.)

The size of the repayment check is $21,868.50.

Step-by-step explanation:

The repayment check is going to be:

R = Principal + Interest

The principal is $19,221. We have to find the value of the interest.

The interest can be calculated as simple interest, given by the following formula:

In which P is the principal, r is the annual interest rate, in decimal, and t is the time, in years.

In this problem, we have that:

,

The time is 17 months. However, we must convert this value to years. Each year has 12 months. So 17 months is years. So

The interest value is:

The size of the repayment check is:

R = Principal + Interest

The size of the repayment check is $21,868.50.

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