Solution

Jeff takes out a \dollar1, 200 loan for five years with an interest rate of 8%. How much interest will be due at the end of five years?

Solution

Solution steps
Translate the problem into an equation:
Simplify

Popular Examples

if linda paid php 980 in interest at 0.14 for 2 years how much did she borrowedNick put \dollar600 in an investment and after two years received \dollar840. What was the interest rate?How long does it take an investment of \dollar15,000 with an interest rate of 4% to become \dollar20,000?£2000 is invested with an interest rate of 2% per year. How much is the ivestment worth after 3 years?A project requiring an initial outlay of 55000 is guaranteed to produce a return of 75000 in three years' time. Calculate the internal rate of return.