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LekaFEV [45]
3 years ago
5

What is the simple interest of a loan for $1,000 with 5 percent interest after 3 years?

Business
2 answers:
tino4ka555 [31]3 years ago
4 0

$150 ---- gradpoint

Alex73 [517]3 years ago
3 0
Simple interest produces interest only over the initial amount.

So every year the interest will be $1000 * 5 / 100 = $50.

That is, after 3 years 3 * $50 = $ 150.

Simple interest does not take into account the reduction of the principal but calculates the interest over the same initial amount, in this case $1000.

So, the answer is $150, which is the result of $50 times 3.
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Please correct me if wrong

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The leadership style advocating that a leader involve subordinates in most decisions
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Read 2 more answers
Compounding frequency refers to?
KonstantinChe [14]
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