If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?
2 answers:
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Ill show you step by step.
This is what the equation should look like
Y=Initial value(1+/- Increasing or Decreasing value)^2 Which stands for time
So you need to do 1.0525 to the 2nd power Which equals 1.10775625
So now you need to do 15,000(1.10775625)
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Which equals <span>16616 rounding to the nearest Ones
16616.3 rounding to the nearest tenth</span>
This is what the equation should look like
Y=Initial value(1+/- Increasing or Decreasing value)^2 Which stands for time
So you need to do 1.0525 to the 2nd power Which equals 1.10775625
So now you need to do 15,000(1.10775625)
------------------------------------------------------------------------------------
Which equals <span>16616 rounding to the nearest Ones
16616.3 rounding to the nearest tenth</span>