Answer:
a. $270
b. $3,278.18
Step-by-step explanation:
Given that
The principal amount is $3,000
Annual rate of interest is 3%
And, the time period is 3 years
We need to find out the simple interest & compound interest
The following formulas should be used
a. For simple interest
= Principal × rate of interest × time period
= $3,000 × 3% × 3 years
= $270
b. For compound interest
= Principal × (1 + rate of interest)^time period
= $3,000 × (1 + 0.03)3
= $3,000 × 1.03^3
= $3,278.18
Answer:Question 135184: Find the equation of the line with slope 6 that goes through the point (6,4). Write your answer in slope-intercept form. b=-32 ANSWER FOR THE Y INTERCEPT. Y=6X-32 LINE EQUATION
Step-by-step explanation:
Answer:
its simple its C
Step-by-step explanation:
forget humanity and return to monke
Answer:the simple interest rate of the loan is 13.3%
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount taken as loan
R represents interest rate
T represents the duration of the loan in years.
From the information given,
P = $16,800
R = ?
T = 54 months = 54/12 = 4.5 years
I = 26854.80 - 16800 = $10054.8
Therefore
10054.8 = (16800 × R × 4.5)/100
10054.8 = 756R
R = 10054/756
R = 13.3%
