Answer:
ok
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Answer:
$1,000
Explanation:
Donna purchased series of savings bond for $2,500 at the age of 25
This year Donna redeemed the bond of $5,000
She paid $3,000 as expenses for her daughter education
The first step is the calculate the interest income
= $3,000/$5,000 × $2,500
= 0.6 × $2500
= $1,500
Therefore the interest that will be required by Donna to include in her gross income this year can be calculated as follows
= $2,500-$1,500
= $1,000
Hence Donna is required to include an interest of $1,000 in her gross income this year
D'anthony borrowed $ 50,000, which is the principal amount.
The repayment was $5,000 per year therefore after 15 years he will have paid a total of 15 × $ 5000 = $75,000.
Therefore, the interest accrued will be $75,000 - $ 50,000 = $ 25,000
By calculation interest is given by principal × rate×time
hence, rate = interest ×100 / principal × time
= 25,000 ×100 / 50,000 ×15
= 3.333%
Therefore, the rate of interest was 3.33% per annum
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