We have been given that Anil borrows $80 000 to buy a business. The bank gives him a loan, with an interest rate of 2% each year. We are asked to find the total amount paid back by Anil to bank after 10 years.

We will use simple interest formula to solve our given problem.

$A=P(1+rt)$ , where,

A = Final amount,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Let us convert 2% into decimal.

$2\%=\frac{2}{100}=0.02$

We have $P=\$80,000$ and $t=10$ , so we will get:

$A=\$80000\left(1+0.02\cdot 10\right)$

$A=\$80000(1+0.2)$

$A=\$80000(1.2)$

$A=\$96,000$

Therefore, Anil will pay $\$96,000$ to the bank after 10 years.

8 0

3 years ago

What is 8 divided by 33 show your work

8_murik_8 [283]

Answer:

0.24 with a line over the 24. The line means that it is repeating.

Explanation,

There is not much to explain it's just simple divison.

7 0

3 years ago