ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cheyenne borrowed $2, 000 from Chase Bank for 6 months at 12% annual simple interest rate. How much interest is that?
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$60
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$120
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$1, 200
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$1, 440
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Explanation:
Detailed explanation-1: -Detailed Solution = 10000 × ( )2 = 10000 × = 13225. ∴ The answer is Rs. 13225.
Detailed explanation-2: -Hence, the Simple Interest as per the given information is Rs. 768.
Detailed explanation-3: -The simple interest of a loan for $1, 000 with 5 percent interest after 3 years is $ 150.
Detailed explanation-4: -To calculate simple interest, multiply the principal amount by the interest rate and the time. The formula written out is “Simple Interest = Principal x Interest Rate x Time.” This equation is the simplest way of calculating interest.
There is 1 question to complete.