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Gnoma [55]
2 years ago
6

Help ASAP!!! Savings Account.Christine Chu borrowed $4500 from a bank at a simple interest rate of 2.5% for one year.

Mathematics
1 answer:
nydimaria [60]2 years ago
7 0

Answer: $112.50 ; $4612.5

Step-by-step explanation:

a) Determine how much interest Christine paid at the end of 1 year.

This will be:

Simple interest = PRT/100

where

P = principal = $4500

R = rate = 2.5%

T = time = 1 year

Interest = (4500 × 2.5 × 1)/100

= 11250/100

= $112.50

b) Determine the total amount Christine will repay the bank at the end of 1 year.

Total amount = Principal + Interest

= $4500 + $112.50

= $4612.5

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Principal $4,700 Interest rate 4% time 10 months, what is the simple interest and maturity level?
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The simple interest of $4,700 principal at 4% interest and 10 months is <u>$156.67</u> and its <u>maturity level</u> is <u>83%</u>.

<h3>What is simple interest?</h3>

Simple interest refers to the interest calculated only on the principal.

With the simple interest method, the borrower only pays interest on the principal without considering the previously-accumulated interests.

<h3>Data and Calculations:</h3>

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Learn more about simple interests at brainly.com/question/

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