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natka813 [3]
3 years ago
11

Find the simple interest on a $340 loan at a 12% annual interest rate for 5 years *

Mathematics
2 answers:
Lady_Fox [76]3 years ago
5 0

Answer: $204

Step-by-step explanation:

Formular for simple interest (I) is: Principal(P) x Rate (R) x Time (T)

From the question, P= $340

R= 12% = 12/100 = 0.12

T= 5 years

Therefore, simple interest (I) =

340 x 0.12 x 5

I = $204

I hope this is clear, please mark as brainliest

Inessa [10]3 years ago
4 0
$340 (principle) *5 (time) *0.12 (rate) =204
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$6000 invested at an APR a 4.4% for 20 years what is the balance in the account after 20 years
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Answer:

The balance in the account after 20 years will be $11280.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

T = E + P.

In this problem

We want to find T, when P = 6000, I = 0.044, t = 20

The first step is find the earnings due to interest. So

E = P*I*t = 6000*0.044*20 = 5280

Adding to the principal to find the balance

T = E + P = 5280 + 6000 = 11280

The balance in the account after 20 years will be $11280.

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