Find the simple interest on a loan of $45,000 for 5 years at 3%.
2 answers:
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Answer:
39.39%
Step-by-step explanation:
There's a nice little formula that is used to find percentage change which works regardless of if it's an increase or decrease.
1 - Understanding the equation
The '|'s which are surrounding the fraction are absolute value symbols in mathematics,
Absolute value means the positive value of anything inside
<u>Examples</u>:
| -8 | = 8
| 8 | = 8
and
| -2 | = 2
| 2 | = 2
the * 100 means you multiply (the * symbol means multiply) by 100.
We do this to get it into a percent.
3 - Assign numbers to the values from our equation
Original Value (What it changed from): 330
New Value (What it changed to): 200
3 - Plug in our values into our variables from our equation
<em>Our percent change is 39.39%, and with our percent in which is discounted being the same, we have our answer.</em>
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Hope this helps :)