salma had to pay an amount of
79261 to clear a loan of 8000
in 9months, intrest being compu
nded quarterly. find the rate
charged by bank poa
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The following table gives the Formulas for Simple Interest, Compound Interest, and Continuously Compounded Interest. Scroll down the page for more examples and solutions.
Simple Interest, Compound Interest, Continuously Compounded Interest
When you deposit money in a bank, the bank usually pays you for the use of your money. When you take out a loan from a bank, you have to pay the bank for the use of their money. In both cases, the money paid is called the interest.
The Simple Interest Formula is given by
Simple Interest = Principal × Interest Rate × Time
I = Prt
where
The Principal (P) is the amount of money deposited or borrowed.
The Interest Rate (r) is a percent of the principal earned or paid.
The Time (t) is the length of time the money is deposited or borrowed.
Example:
Sarah deposits $4,000 at a bank at an interest rate of 4.5% per year. How much interest will she earn at the end of 3 years?
Solution:
Simple Interest = 4,000 × 4.5% × 3 = 540
She earns $540 at the end of 3 years.
Example:
Wanda borrowed $3,000 from a bank at an interest rate of 12% per year for a 2-year period. How much interest does she have to pay the bank at the end of 2 years?
Solution :
Simple Interest = 3,000 × 12% × 2 = 720
She has to pay the bank $720 at the end of 2 years.
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Simple Interest = 3,000 × 12% × 2 = 720
She has to pay the bank $720 at the end of 2 years.
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