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Brrunno [24]
2 years ago
9

How much will you have to pay back in total if you borrowed $400 from the bank for a year at 12%

Mathematics
2 answers:
Eva8 [605]2 years ago
7 0
The answered your question is 2
vodka [1.7K]2 years ago
3 0
1) figure out interest amount

400x.12= 48

2) add interest and loan amount

400+48= 448
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Mathematics is the subject that is most popular in the class and is liked by the students.

<u>Explanation:</u>

Among all the subjects that are added in the curriculum of the students in the school, Mathematics is the subject that is mostly liked by the students in the class and in the school.

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3 years ago
The simple interest on a certain sum of money for 2 years at 5% per annum is Rs 320. What will be the compound interest on the s
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Answer:

Rs 328

Step-by-step explanation:

Find the <u>principal</u> amount invested.

<u>Simple Interest Formula</u>

I = Prt

where:

  • I = interest earned
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • I = Rs 320
  • r = 5% = 0.05
  • t = 2 years

Substitute the given values into the formula and solve for P:

⇒ 320 = P(0.05)(2)

⇒ 320 = P(0.1)

⇒ P = 3200

<u>Compound Interest Formula</u>

\large \text{$ \sf I=P\left(1+\frac{r}{n}\right)^{nt} -P$}

where:

  • I = interest earned
  • P = principal amount
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = 3200
  • r = 5% = 0.05
  • n = 1 (annually)
  • t = 2 years

Substitute the given values into the formula and solve for I:

\implies \sf I=3200\left(1+\frac{0.05}{1}\right)^{2} -3200

\implies \sf I=3200\left(1.05\right)^{2} -3200

\implies \sf I=3200\left(1.1025\right) -3200

\implies \sf I=3528-3200

\implies \sf I=328

Therefore, the compound interest on the same sum for the same time at the same rate is Rs 328.

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Why do some merchants, particularly smaller businesses, set a minimum purchase of $10 for any credit card transaction, or simply
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Because accepting credit cards cost the business small transaction fees. These businesses already have a paper thin profit margin, meaning if you buy less than $10 and use credit card, their profit is little to non-existent.
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