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cestrela7 [59]
2 years ago
7

A person borrows $50000 loan from bank at a rate of 10% for 5 years compounded yearly.

Mathematics
1 answer:
Hatshy [7]2 years ago
7 0
<h3>Given:</h3>
  • P= $50,000
  • R= 10%
  • T= 5 years
<h3>Note that:</h3>
  • P= Principal amount
  • R= Rate of interest
  • T= Time period
<h3>Solution:</h3>

\large\boxed{Formula: A= P(1+ \frac{R}{100}{)}^{T}}

Let's substitute according to the formula.

A= 50000(1+ \frac{10}{100}{)}^{5}

<em>A=</em><em> </em><em>$80525.5</em>

Now, we can find the interest paid

\large\boxed{I= A-P}

We'll have to deduct the total amount from the principal amount.

Let's substitute according to the formula.

I= 80525.5-50000

<em>I=</em><em> </em><em>$30525.5</em>

<u>Hence</u><u>,</u><u> </u><u>the</u><u> </u><u>total</u><u> </u><u>amount</u><u> </u><u>paid</u><u> </u><u>after</u><u> </u><u>5</u><u> </u><u>years</u><u> </u><u>is</u><u> </u><u>$</u><u>80525.5</u><u> </u><u>and</u><u> </u><u>$</u><u>30525.5</u><u> </u><u>was</u><u> </u><u>paid</u><u> </u><u>as</u><u> </u><u>interest</u><u>.</u>

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