ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Andrew borrows $79, 500 for 2 years and earns $10, 017 of simple interest. Calculate the interest rate?
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7%
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6%
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6.3%
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5.3%
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Explanation:
Detailed explanation-1: -A 2-year loan of $500 is made with 4% simple interest. Find the interest earned. Answer: The interest earned is $40.
Detailed explanation-2: -How much money was borrowed at 16% annual interest for 9 months if the interest paid was Php 3, 000? A. Php 12, 500 C.
There is 1 question to complete.