We are given:
There seems to be nothing I can do to simplify this equation. However, I can factor out an since they both have at least an
. Here is what we get:
This is in the simplest form I can get into. I cannot do anything more to simplify this expression. This is your final answer.
We have been given that Anil borrows $80 000 to buy a business. The bank gives him a loan, with an interest rate of 2% each year. We are asked to find the total amount paid back by Anil to bank after 10 years.
We will use simple interest formula to solve our given problem.
, where,
A = Final amount,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Let us convert 2% into decimal.
We have and
, so we will get:
Therefore, Anil will pay to the bank after 10 years.
