a bank loan of 2,000 $, at a simple interest rate of 0.25% per year. a) What is the interest amount owed annually? b) What is the interest amount owed over a 2 year period? c) What is the total amount owed after 7 years? (Use Factor Formula)
a bank loan of 2,000 $, at a simple interest rate of 0.25% per year. a) What is the interest amount owed annually? b) What is the interest amount owed over a 2 year period? c) What is the total amount owed after 7 years? (Use Factor Formula)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
You took a bank loan of 2,000 $, at a simple interest rate of 0.25% per year.
a) What is the interest amount owed annually?
b) What is the interest amount owed over a 2 year period?
c) What is the total amount owed after 7 years? (Use Factor Formula)
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