Mostafa took a loan of $10,000 of value. He must return this loan within a 3...
Mostafa took a loan of $10,000 of value. He must return this loan within a 3 months period from now. With a simple monthly interest rate of 2%, the total amount that Mostafa would have paid by the end of the three-months period is nearest to
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$10,615 |
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$10,550 |
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$10,595 |
||
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$10,650 |
Homework Answers
Loan amount = 10000. Time = 3 months. Rate = 2% per month
Amount to be paid = P(1 + r)^n
= 10000 x (1 + 2%)^3
= 10612
Hence the amount is nearest to 10615
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