Question
Suppose Fred borrowed $5,847 for 45 months and Joanna borrowed $4,237. Fred's loan used the simple discount model with an annual rate of 6.1% while
Suppose Fred borrowed $5,847 for 45 months and Joanna borrowed $4,237.
Fred's loan used the simple discount model with an annual rate of 6.1% while Joanne's loan used the simple interest model with an annual rate of 9.9%.
If their maturity values were the same, how many months was Joanna's loan for?
Round your answer to the nearest month.
Suppose Katy borrowed some amount of money for 53 weeks and Anastasia borrowed the same amount.
Katy's loan used the simple interest model with an annual rate of 6.1% while Anastasia'sloan used the simple discount model with an annual discount of 7%.
At the end of their respective terms, Katy's maturity value was $5,356 while Anastasia's was $6,068.
How many weeks was Anastasia's loan for?
Round your answer to the nearest week.
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