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Jobisdone [24]
2 years ago
15

What is the total amount that will be repaid if the loan described is paid in 2 years?

Mathematics
1 answer:
zlopas [31]2 years ago
4 0

Given:

Principal value of loan = $1,245

Rate of interest = 5%

To find:

The total amount that will be repaid if the loan described is paid in 2 years.

Solution:

The formula for amount is

A=P\left(1+\dfrac{r}{100}\right)^t

Where, P is the principal, r is the rate of interest, t is the number of years.

Putting P=1245, r=5 and t=2, we get

A=1245\left(1+\dfrac{5}{100}\right)^2

A=1245\left(1+0.05\right)^2

A=1245\left(1.05\right)^2

On further simplification, we get

A=1245(1.1025)

A=1372.6125

A\approx 1372.61

Therefore, the total amount that will be repaid if the loan described is paid in 2 years is $1372.61.

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