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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 Simple interest is computed on?
Simple interest is computed on the principal amount, which is the initial sum of money borrowed or invested. It is calculated using the formula: Interest = Principal × Rate × Time, where the rate is the annual interest rate and time is the duration in years. Unlike compound interest, simple interest does not take into account any interest that accumulates on previously earned interest. Thus, it remains constant throughout the investment or loan period.
How much would you repay the bank if you borrowed 7900 at 4.3 percent annual interest for 6 years?
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
What is the simple interest if a principal over 20 years equals the borrowed principal?
It is 5%.
Which variable in the simple interest equation you equals p r t represents the original amount of money borrowed or invested?
p = principal ie amount invested; r = annual rate of interest; t = time in years. interest receivable = (p x t x r)/100
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.
How do you find simple interest for 6 months?
Take the annual interest rate, divide it by 2 and multiply it by the amount you invested or borrowed.
How do you calculate interest if you borrow money?
To calculate interest on a loan, you typically use the formula: Interest = Principal × Rate × Time. The principal is the amount borrowed, the rate is the annual interest rate expressed as a decimal, and time is the duration the money is borrowed for, usually in years. For example, if you borrow $1,000 at a 5% annual interest rate for 3 years, the interest would be $1,000 × 0.05 × 3 = $150. Depending on the type of interest (simple or compound), the calculation may vary slightly.
What is Simple interest is computed on?
Simple interest is computed on the principal amount, which is the initial sum of money borrowed or invested. It is calculated using the formula: Interest = Principal × Rate × Time, where the rate is the annual interest rate and time is the duration in years. Unlike compound interest, simple interest does not take into account any interest that accumulates on previously earned interest. Thus, it remains constant throughout the investment or loan period.
How much would you repay the bank if you borrowed 7900 at 4.3 percent annual interest for 6 years?
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
How do you find the simple interest?
To find simple interest, you can use the formula: ( \text{Interest} = P \times r \times t ), where ( P ) is the principal amount (the initial sum of money), ( r ) is the annual interest rate (as a decimal), and ( t ) is the time the money is invested or borrowed for, in years. Multiply these three values together to calculate the total interest earned or paid over that period.
What is the simple interest if a principal over 20 years equals the borrowed principal?
It is 5%.
How much interest is earned on the account?
A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?
Which variable in the simple interest equation you equals p r t represents the original amount of money borrowed or invested?
p = principal ie amount invested; r = annual rate of interest; t = time in years. interest receivable = (p x t x r)/100
If 1100 is borrowed for 2 years at 9 percent simple interest how much interest is paid?
It is 1100*(2/100)*9 = 198
What is the formula for simple annual interest?
I= Prt I=interest P=principal r=rate t=time
What is the interest on R528 at 7 percent simple interest over 2 years?
7% simple annual interest over 2 years = 14% total interest.14% of R528 = R73.92 .
