we borrowed $1000 at a 10% annual interest rate if we did not make a payment for two years, and assuming that there is no penalty for the non-payment, how much do we owe now?
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Answer:
$1200
Step-by-step explanation:
S.I = P*R*T/100
P = $1000
R = 10%
T = 2 years
S.I = 1000*10*2/100
= $200
Amount = S.I + P = $1000 +$200 = $1200
So, we owe $1200 now.
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