Salina borrows 15,000 at 10% per annum for 3 years at simple interest and Monica bomo
the same amount for the same time period at 8% per annum compounded annually. Who pays
more interest and by how much?
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Answered by
2
Answer:
salima
p= 15000
n=3
r=10%
I= pnr
15000+3+10/100= 163
a=15163
Monica
p= 15000
N=3
R=8%
I= 161
a= 15161
salima pays more amt. by 2/-
Answered by
2
Answer:
refer to the attachment
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