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Mrrafil [7]
2 years ago
5

A bank loans a customer $100,000 for a period of 2 years. The simple interest rate of the loan is 5.7%. What is the total amount

that the customer will need to pay the bank over the 2 years?
Mathematics
1 answer:
fomenos2 years ago
5 0

Answer:

$111400

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5.7%/100 = 0.057 per year,

then, solving our equation

I = 100000 × 0.057 × 2 = 11400

I = $ 11,400.00

The simple interest accumulated

on a principal of $ 100,000.00

at a rate of 5.7% per year

for 2 years is $ 11,400.00.

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Answer:

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Step-by-step explanation:

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3 years ago
2x-10/4=3x<br> −10<br> −1<br> 2<br> 11
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Answer:

<h2>-1</h2>

Step-by-step explanation:

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6 0
3 years ago
1. Ted found out that the rebate is not given until after he has
nadezda [96]

9514 1404 393

Answer:

  maybe not

Step-by-step explanation:

Consider a couple of scenarios for a $20,000 car purchase and a $2000 rebate, with sales tax at 10%.

1) The rebate is applied directly to the purchase price.

  Taxable amount: $20,000 -2,000 = $18,000.

  Price with tax: $18,000 × 1.10 = $19,800

  Amount financed: $19,800.

__

2) The rebate is given after the sale is complete.

  Taxable amount: $20,000

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  Amount financed: $22,000

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__

If the loan is for 5 years at 3%, the payments and total costs are ...

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Ted effectively has to finance an additional $200, equal to the sales tax on the rebate. So the delayed rebate costs him an extra $395.25 over the life of the loan.

_____

We have assumed certain tax and payment scenarios. If tax is not an issue, and if the loan terms are such that the rebate can be applied immediately to the loan amount, then <em>there may be no difference in total cost</em>, or the delayed rebate may result in a <em>lower</em> total cost due to the higher monthly payment.

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