$20,000.00 borrowed today for 2 years at 5% Compound Interest will result in how much total interest (I) at the end of Year 2? a) $2000.00 b) $2050.00 c) $20,000.00 d) $22,000.00
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Given:
The principle (P) is $20,000.
The rate of compound interest (R) is 5%.
The number years n is 2.
Calculation:
The compound interest can be calculated as,
Step by step
Solved in 2 steps
- An amount of $ 500 was borrowed for the period from January 10 to October 28, 1996 at 16% interest. a) Calculate the exact simple interest. b) What is the total amount to be paid at the end of the period?Deposits of 35 000.00, 48 000.00, and 25 000.00 were made in a savings account eight years, five years, and two years respectively. Determine the accumulate amount in the account today if a withdrawal of 55 000.00 was made four years ago. The applied interest rate is 12% compounded continuously.. Determine the exact simple interest on P 5,000.00 for the period from May 16 2016 to October 18, 2022 if the rate of interest is 15%
- Determine the equivalent amount pf money at the beginning of the second year if interest is 6% per year, compounded monthly3. On january 1, 2016, Diana opened an account with a P 50,000 deposit. On january 1, 2017, she withdraws P 25,000 and on january 1, 2019 she deposits P 75,000. If the account earns 7.5% interest, compounded yearly, and no further deposits or withdraws are made, what was the balance on january 1, 2021?Compute the future value of a $1500 deposit, after eight years, in an account that pays a simple interest rate of 7%. How much interest will be paid to this account?
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