ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the INTEREST owed for borrowing $775 at 8% simple interest for 3 years.
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$62
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$837
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$18600
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$186
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Explanation:
Detailed explanation-1: -8% simple interest = payment being refunded x number of days x 8 / 36500.
Detailed explanation-2: -You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest.
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 on a loan, multiply the principal (P) by the interest rate (R) by the loan term in years (T), then divide the total by 100.
There is 1 question to complete.