nutellangie
11.01.2021 •
Mathematics
1. Melissa took out a loan of $50,000 with an interest rate of 2.3% for the start-up of the Math Cafe. How much will she owe the bank if the loan term is for five years? Explain how you got your answer.
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Ответ:
$55,750 a
Step-by-step explanation:
Given Principal P = $50,000
Rate R = 2.3%
Time T = 5 years
Get the interest first
Simple interest = PRT/100
Simple interest = 50,000*2.3*5/100
Simple interest = 500*2.3*5
Simple interest = $5,750
Amount = Principal + Interest
Amount = $50,000 + $5,750
Amount = $55,750
Hence she will owe the bank $55,750 after 5 years
Ответ: