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Which equation could you use to find the nth term of a simple interest sequence?
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What is formula for interest?
You use the PRI formula
Calculate the simple interest on a loan with a principal of 6000 an iterest of 7.39 percent and a term of four years?
To calculate simple interest, you use the formula: Interest = Principal x Rate x Time. In this case, the principal is $6000, the interest rate is 7.39% (or 0.0739 in decimal form), and the time is 4 years. Plugging these values into the formula gives: Interest = $6000 x 0.0739 x 4 = $1774.80. Therefore, the simple interest on the loan would be $1774.80.
HOW TO FIND compound interest?
So you use the formula balance=principal(1+n over the number of years the the exponent ;0
How is simple interest calculated in banks?
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
