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1 answer:
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Given:
The principal = $ 4000
The rate of interest = 22 %
To find the loan amount a) after 1 year and b) after 3 years.
Formula
Loan amount is
where,
A be the loan amount
P be the principal
r be the rate of interest and
t be the time.
Now,
a) Taking, P = 4000, r = 22, t = 1 we get,
or,
Again,
b) Taking, P = 4000, r = 22 and t = 4 w eget,
Hence,
a) The amount of loan after 1 year is $ 4880
and b) The amount of loan after 4 year is $ 7263.39.
Answer:
The total amount after five years = $7,000
Step-by-step explanation:
<u><em>Step(i):</em></u>-
Given Esther deposited $5,000 into an account
Principal amount 'P' = 5000
Given rate of interest (R) = 8%
r = R / 100 = 0.08 per year
<u><em>Step(ii):</em></u>-
The total amount after 5 years
<u><em>Final answer</em></u>:-
The total amount after five years = $7,000