0
How much would you repay the bank if you borrowed 7900 at 4.3 percent annual interest for 6 years?
Wiki User
∙ 12y ago
9,938.20
* * * * *
That would be correct only if banks charged simple interest as opposed to compound interest. Anyone believe that likely?
The correct answer, when interest is compounded, is
7900*(1.043)6 = 10170.28
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Douglas borrowed 1000 from Patricia He agreed to repay her 1150 after 3 years What was the interest rate of the loan?
5% per year, simple interest.
What is the simple interest to repay a loan in 3 years at the rate of 9 percent?
You already gave the simple interest - 9 percent. Rethink and ask your question again.
Four years ago Hakim borrowed 275 to help pay for new tires for his car. He agreed to pay interest at a simple annual interest rate of 4. How much did Hakim owe at the end of 4 years?
Interest each year is 275 × 4% = 275 × 4/100 = 11 → total interest over 4 years is 4 x 11 = 44 → total to repay after 4 years is 275 + 44 = 319
A bank lent 20000 with interest calculated at 5 percent per year for 2 years How much would the borrower repay?
20,000 + 2(0.05)(20,000) = 22,000
What is the purpose of interest?
a group similar interests and different oppinion. expanding similar thoughts and also a community
Kama borrowed 625 at 11 percent interest for 60 days How much does she have to repay under a single-payment plan?
636.30
Camera cost 1138.00 you made a 25 percent down payment and borrowed the rest repaid the loan in 18 payments of 51.60 each how much was the interest charge on what you borrowed?
If you figures are correct you did not pay any interest you did not even repay all the capital.
What is a formal contract to repay borrowed money with interest at fixed intervals?
it is A for e2020 students!
Douglas borrowed 1000 from Patricia He agreed to repay her 1150 after 3 years What was the interest rate of the loan?
5% per year, simple interest.
What is a typical interest rate on an emergency cash advance?
Typically, the amount you pay for an emergency cash advance or payday advance loan is 15 to 30 percent of the amount borrowed. Most often the rate is $25 per $100 borrowed. That amounts to a 650% APR, but you normally repay it in two weeks.
What is the simple interest to repay a loan in 3 years at the rate of 9 percent?
You already gave the simple interest - 9 percent. Rethink and ask your question again.
How would you use the word repay in a sentence?
If you borrow money, you should repay who you borrowed it from to avoid debts.
What is a certificate that promises to repay borrowed money called?
A Bond (:
How much interest will you pay on a 4000 pound loan over 48 months apr is 14.9 percent?
1333.67 pounds in interest if you also repay the capital with a constant monthly repayment of 111.12pounds, if you repay only interest you pay 2384 pounds over the 4 years.
What practice in large part caused the stock market crash sparking the Great Depression of the 1930?
people overspeculating on stocks, using borrowed money that they couldn't repay
How much is interest on a 1700.00 loan at 36 percent interest charge?
That depends on how long it takes to repay the loan. If you repay the loan in one go at the end of 12 months you would pay 612.00 in interest plus the loan of 1,700.00 a total of 2,312.00
When financial institutions lend money what do they charge borrowers?
They charge "interest" which is typically a percentage of the borrowed amount, applied over the time taken to repay the loan. They can also charge fees including discounts that represent prepaid interest.
