williamgriffith2010 williamgriffith2010

24-10-2021
Mathematics

contestada

Consider the following two loans for P=$12,000.

Loan A: 5 year loan, annual interest rate of 5%.
Loan B: 3 year loan, annual interest rate of 8%.

Respuesta :

krishtinatulachan02 krishtinatulachan02

24-10-2021

Answer:

Simple interest-?

Step-by-step explanation:

P= 12000

T=5yrs

R=5%

Now,

Simple interest - PTR/100

= 12000*5*5/100

= $3000

Again,

P=12000

T=3yrs

R=8%

Now,

Simple interest - PTR/100

= 12000*3*8/100

= $2880

Hope this helps.

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