the prize of a car is 500000.the interest of loan is at 6% every year.what could be the prize after 2 years
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Answer:
in the process of simple interest 60000
in the process of compound interest 61800
Step-by-step explanation:
simple interest formula: i = p*t*r/100
compound interest formula: p(1+r/100)^n
simple interest
500000×2×6÷100= 60000
compound interest
500000(1+6÷100)²-500000=61800
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