ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Julie borrowed $3, 500 for 3 years at 71/2% simple interest rate. What is the total amount of the loan?
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$4, 287.50
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$787.50
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$2, 712.50
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$7, 875
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Explanation:
Detailed explanation-1: -Hence, at the end of 3 years, the simple interest is $787.5.
Detailed explanation-2: -Detailed Solution 500/-for 3 years at simple interest at 5% per annum. ∴ The amount is Rs. 575.
Detailed explanation-3: -Hence, the simple interest as per given information is Rupees 50.
Detailed explanation-4: -Answer:-The simple interest is ₹448.
There is 1 question to complete.