You borrow $500 to buy a computer. The simple interest rate is 15%. You pay off the loan after 4 years. How much do you pay for
the loan?
1 answer:
Its $800 because to find interest u can use the formula I=PRT p is principal which is 500 times r which is rate-15/100(=15%) times 4
so the interest is 500×15/100×4=300
then u add 300 to 500 because the interest adds more money to the loan
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Well...their relations but not functions
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