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Sagot :
First, we need to find the the Percentage.
50 000 × .10 (10%) = 5 000
Then...
65 000 - 50 000 = 15 000
Then...
15 000 ÷ 5 000 = 3
Therefore, the answer to your question is 3 years.
50 000 × .10 (10%) = 5 000
Then...
65 000 - 50 000 = 15 000
Then...
15 000 ÷ 5 000 = 3
Therefore, the answer to your question is 3 years.
Simple Interest Formula:
Interest = Principal x Rate x Time
I = P × R × T
Given:
Interest = Gross Amount Paid - Principal Loan
= 65,000 - 50,000
= 15,000
Principal = 50,000
Rate = 10% or 0.10
Time = ?
Equation:
I = P × R × T
15,000 = (50,000) (0.10) (T)
15,000 = 5,000 (T)
[tex] \frac{15,000}{5,000} = \frac{5,000(T)}{5,000} [/tex]
T = 3
The loan has a period of 3 years.
Interest = Principal x Rate x Time
I = P × R × T
Given:
Interest = Gross Amount Paid - Principal Loan
= 65,000 - 50,000
= 15,000
Principal = 50,000
Rate = 10% or 0.10
Time = ?
Equation:
I = P × R × T
15,000 = (50,000) (0.10) (T)
15,000 = 5,000 (T)
[tex] \frac{15,000}{5,000} = \frac{5,000(T)}{5,000} [/tex]
T = 3
The loan has a period of 3 years.
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