3. A person takes a loan at a certain interest rate compounded annually. If he has
to pay Rs 14 400 to settle the entire loan in 2 years or Rs 17 280 to settle it in
3 years, calculate the amount he borrowed and the compound interest rate.
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t = the amount of time the money is borrowed for – this needs to be in years if ... 2. Find the simple interest rate for a loan where $500 is borrowed and the ... a bank if the loan is discounted the bank does not give you $1000, they give ... 2. You wish to borrow $10,000 for 3 months. If the person you are borrowing from offers a.
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