For a certain loan, the interest I due at the end of a loan period is given by I = Prt, where P is the principal borrowed, r is the yearly interest rate as a decimal, and t is the number of years since the money was borrowed. What interest is accrued if 5 years ago we borrowed $6000 at an interest rate of 2%?
For a certain loan, the interest I due at the end of a loan period is given by I = Prt, where P is the principal borrowed, r is the yearly interest rate as a decimal, and t is the number of years since the money was borrowed. What interest is accrued if 5 years ago we borrowed $6000 at an interest rate of 2%?
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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For a certain loan, the interest I due at the end of a loan period is given by
I = Prt,
where P is the principal borrowed, r is the yearly interest rate as a decimal, and t is the number of years since the money was borrowed. What interest is accrued if 5 years ago we borrowed $6000 at an interest rate of 2%?
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