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isabelsmhl
16.01.2021 •
Mathematics
Shani borrowed $5000 at an annual interest rate of 4% compounded yearly. William borrowed the same amount of money at an annual interest rate of 6% compounded yearly. How much more interest will William pay than Shani at the end of 3 years?
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Ответ:
William will pay $ 330.76 more interest than Shani at the end of 3 years.
Step-by-step explanation:
Compound interest =
, P= principal , r= rate of interest , t= time
Given: P = $5000 , t= 3 years
For Shani , r= 4% = 0.04
Compound interest =![5000((1+0.04)^3-1)](/tpl/images/1041/6596/b386d.png)
For William, r= 6%= 0.06
Compound interest =![5000((1+0.06)^3-1)](/tpl/images/1041/6596/cf78d.png)
Difference = $ ( 955.08- 624.32)
= $ 330.76
Hence, William will pay $ 330.76 more interest than Shani at the end of 3 years.
Ответ:
Thanks a lot! Have a good day :))