You earn $7 for every hour that you babysit.
1 answer:
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Answer:
No savings
Step-by-step explanation:
Let the interest rate be same for all the loans and consider it to be R.
<u>First case</u>
Principal 1 = 2000
Time = 12 moths = = 1 year
Rate = R %
So, interest 1 = Principal * Time * Rate
= 2000 * 1 * R
= 2000R
Now,
Principal 2 = 1000
Time = 12 moths = = 1 year
Rate = R %
So, interest 2 = Principal * Time * Rate
= 1000 * 1 * R
= 1000R
Total interest to be paid = 2000R + 1000R
= 3000R
<u>Second case</u>
Principal = 3000
Time = 12 moths = = 1 year
Rate = R %
Interest = Principal * Time * Rate
= 3000 * 1 * R
= 3000R
We conclude that there would be no savings because the interest to be paid in both the cases are same.