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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the total amount of interest from a Chapter 17, Problem 6SCQ, What is the total amount of interest from a loan after three years with a simple interest rate of , example  1 loan after three years with a simple interest rate of Chapter 17, Problem 6SCQ, What is the total amount of interest from a loan after three years with a simple interest rate of , example  2

To determine

To Calculate: the total amount of interest from a loan.

Explanation

The formula for simple interest is given as:

  A = P(1+rt)

Where, A = Total Accrued Amount

P= Principal Amount

r = Rate of interest

t = Time period

  A=5,000{1+0

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