ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the principal for a loan that has an earned interest of $3500 with an annual rate of 10% for 5 years.
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$7, 000
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$6, 500
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$5, 000
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$3750
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Explanation:
Detailed explanation-1: -We have to find the principal amount for loan earned interest is 3500 with annual rate of 10% for 5 years. Hence, the principal amount for the loan is 7000.
Detailed explanation-2: -interest = RS. 490. Was this answer helpful?
Detailed explanation-3: -In 2 years the amount ₹3500 will be ₹4200 at rate 10%.
There is 1 question to complete.