Thursday, October 1, 2015

What is the the principal plus the interest for $300 borrowed at 6% for 1 year and $5,000 borrowed at 7.5% for 6 months?

$300 borrowed for 1 year at 6% incurs an interest of $300*0.06 = $18. The total amount including the principal and the interest is $318.


$5,000 borrowed at 7.5% for 6 months incurs an interest of $5000*0.075/2 = 187.5. The total amount including the principal and the interest is $5187.5


The amount in the first case is $318 and in the second it is $5187.5

No comments:

Post a Comment

What is the main function of the fool in "King Lear"? What is the secondly function?

The fool as a character is confusing, but part of this is the difference between the 1600s and today, as well as the difference in place. If...