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MakcuM [25]
3 years ago
13

A student took out a simple interest loan for 2400 for 2 years at a rate of 7%. What is the interest on the loan?

Mathematics
1 answer:
Stels [109]3 years ago
5 0

Answer:

using the 7% interest rate the interest rate is 168 due to the fact if you take 2400 x .07 you get 168 however I don't know if it asks that but in order to see exactly how much money would be in there you would have to add the 168 to the 2400 if you are to add that to the 2400 that was originally put in the bank you would come up to 2568

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Answer:

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Step-by-step explanation:

log10^(3x-2y)

We know the base is base 10 since it is not written

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Can anyone help me out ?
AnnZ [28]

no se pero de seguro alguien más te ayudará

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3 years ago
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7 0
3 years ago
Terrence gets a loan with a $50 processing fee. The loan is for $700 with an interest rate of 8% for one
agasfer [191]

Answer:

15.14%

Step-by-step explanation:

The formula for APR is stated thus:

APR=fees+interest/principal/n*365*100

principal is the loan amount of $700

fees is the processing fees on the loan which is $50

interest amount=principal*interest %=$700*8%=$56

n is the number of days of the loan which is a year i.e 365 days

APR=($50+$56)/$700/365*365*100

APR=$106/$700/365*365*100

APR=0.151428571 /365*365*100

APR=0.151428571 *100=15.14%

The annual percentage rate on the loan is 15.14% which represents the actual cost on the loan not just the interest cost of 8% annually

4 0
3 years ago
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