ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the simple interest to the nearest cent. $575 at 6.25% for 7 years.
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$249.55
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$2, 515.63
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$251.56
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None of the above
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Explanation:
Detailed explanation-1: -Hence the simple interest is ₹350.
Detailed explanation-2: -The rate of interest i.e., Rate = 8% p.a. Thus, the simple interest is Rs. 224.
Detailed explanation-3: -Answer: the simple interest is 63, and total amount after 2 years is 513.
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.