ABC bank requires a 20% down payment on all home loans . If a house is priced at 155,000 what is the amount of the down payment
2 answers:
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Step-by-step explanation:
2 right triangles are formed.
x is the angle btw wire and grnd
tan x = 10/5 = 2
tanx = ht of tower/(5+14)
2 = tower ht/19
tower ht = 38
length of wire =
The annual interest rate is 3.5%.
Solution:
Given Interest (I) = $26.25
Principal (P) = $500
Time (t) = 18 months
Rate of interest (r) = ?
Time must be in years to find the rate per annum.
1 year = 12 months
Divide the time by 12.
Time (t) = years
Now, find the rate of interest using simple interest formula.
<u>Simple interest formula:</u>
⇒ r = 3.5%
Hence the annual interest rate is 3.5%.