The formula for simple interest is:
A = P(1+rt)
Where P = amount borrowed
r = interest rate
t = time of loan
A = 5000(1 + 0.125*2)
A =6,250
The total amount she paid back was $6,250
For her monthly payment divide total paid back by 24 months ( 2 years = 24 months)
6250 / 24 = 260.42
Her monthly payment was $260.42
Your bank can charge you a overdraft fee, it can effect your credit score <span>if you sign up for </span>overdraft <span>protection on the account.</span>
Answer:
There was an 11% increase.
Step-by-step explanation:
The formula to find a percent increase is this: (original amount - new amount / original amount) * 100
If you fill in the formula, you get this:
(164,000 - 182,040 / 164,000) * 100
Solve:
(-18,040 / 164,000) * 100 ---> If the number being divided is negative, find the absolute value.
(18,040 / 164,000) * 100 =
0.11 * 100
11%
