Thank you for visiting Your brother lends you 125 at an annual interest rate of 25 If you want to pay no more than 62 50 in simple interest. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
We know that the brother lends $125 at annual interest rate of 25% and you don't want to pay more than $62.50 in simple interest. To find out how many years you need to pay off the loan, we do:
Year 1: 125 * 25 = $31.25
Year 2: 125 * 25 * 2 = 31.25 * 2 = 62.50
You have to pay back the loan in 2 years.
Year 1: 125 * 25 = $31.25
Year 2: 125 * 25 * 2 = 31.25 * 2 = 62.50
You have to pay back the loan in 2 years.
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Rewritten by : Jeany
To repay a $10,000 loan with 8% interest in three years, you will owe $12,400.
To calculate the amount owed after three years on a $10,000 loan with 8% interest:
- Calculate the annual interest: $10,000 * 0.08 = $800
- Multiply the annual interest by the number of years: $800 * 3 = $2,400
- Add the total interest to the principal: $10,000 + $2,400 = $12,400
