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When calculating simple interest you should first?
When calculating simple interest, you should first
What is the monthly payment for the simple interest amortized loan of 5000 at 4.5 for 4 years?
To calculate the monthly payment for a simple interest amortized loan of $5,000 at an interest rate of 4.5% over 4 years, first determine the total interest: ( \text{Interest} = 5000 \times 0.045 \times 4 = 900 ). The total amount to be repaid is ( 5000 + 900 = 5900 ). Dividing this total by the number of months (48 months for 4 years) gives a monthly payment of ( \frac{5900}{48} \approx 122.92 ). Thus, the monthly payment is approximately $122.92.
Valerie wants to take out a discount loan of 569. the rate is 4.5 for 250 days. how much will she pay?
To calculate the amount Valerie will pay for the discount loan, first determine the interest using the formula: Interest = Principal × Rate × Time. Here, the principal is 569, the rate is 4.5% (or 0.045), and the time is 250 days (or 250/365 years). Calculating the interest: Interest = 569 × 0.045 × (250/365) ≈ 17.53. Now, subtract the interest from the principal to find the total amount she will pay: Total amount paid = Principal - Interest = 569 - 17.53 ≈ 551.47. Thus, Valerie will pay approximately $551.47.
How can find interest percent in Rs100000?
First find out what the interest rate is from the money lender or deposit taker.
How much is 3 percent interest on 150000?
To calculate 3% interest on $150,000, you first convert the percentage to a decimal by dividing by 100, which gives you 0.03. Then, you multiply the decimal interest rate by the principal amount ($150,000) to find the interest. Therefore, 3% interest on $150,000 would be $4,500.
When calculating simple interest you should first?
When calculating simple interest, you should first
Which of these steps should be performed first to calculate simple interest?
change % to decimal
What is the calculation for a simple compound interest rate?
There is simple interest and there is compound interest but this question is the first that I have heard of a simple compound interest.
What makes the simple interest simple?
It is interest on simply the original capital. After the first period, compound interest involves interest on the interest earned in previous periods and soit not simple.
The concepts of simple interest and compound interest?
With simple interest, you just multiply the capital, the number of years, and the yearly interest rate. For example, for a capital of 10,000 dollars, 3% interest, 10 years, that would give you 10,000 x 3/100 x 10 = 3,000 dollars interest.With compound interest, after the end of every year, the interest is added to the capital, before calculating the interest for next year.In the example above, the first year you get 10,000 x 0.03 = 300 dollars. This is then added to the capital, before calculating the interest rate for the next year; so, the second year you get 10,300 x 0.03 = 309 dollars interest.
Disadvantage of simple interest?
Simple interest is calculated on the principal amount only, which may sound like a good idea at first. The problem with simple interest loans is that the interest is calculated daily instead of monthly. This means you will end up paying more in interest with a simple interest loan.
Who invented a calculating machine?
The very first calculating "machine" was human hands and fingers. The abacus was next in about 300 BC.
Who invented the simple interest formula?
The first money lender, of course!
What should be the first step in calculating a monthly card finance charge?
change the percent to a decimal
What should be the first step in calculating a monthly credit finance charge?
change the percent to a decimal
What should be the first step in calculating a monthly credit card finance charge?
change the percent to a decimal
How do you do interest rate problems?
First you figure out the Principal, then you find the interest rate and then find the Time someone gave you to pay back loaned or borrowed money.Formula: Simple Interest= Principal*Rate*TimeExample: Principal-$25,000 Interest Rate- 6.25 simple interest- 6 years$25,000 x .0625 x 6= $9375!
