Solution

a business loan of 1000000 is to be repaid in full after 3 years if the interest rate is 7 percent per annum how much should be paid after 3 years

Solution

Solution steps
Translate the problem into an equation:

Popular Examples

150000 was invested at 6% interest rate at 4 years how much is the maturity value7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years, to the nearest cent?You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 5 years?what amount must be deposited by a student that pays 2% compounded annually so that after 12 years he will have 100,000What is the compound amount on a loan of ₱50,000 at 6% for 6 years compounded semi-annually?