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You borrow 2000 from a friend and promise to pay back 3000 in two years. What simple interest rate will you pay?
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What else can I help you with?
Can I borrow money from my Simple IRA account?
No, you cannot borrow money from your Simple IRA account.
How do you calculate interest if you borrow money?
To calculate interest on a loan, you typically use the formula: Interest = Principal × Rate × Time. The principal is the amount borrowed, the rate is the annual interest rate expressed as a decimal, and time is the duration the money is borrowed for, usually in years. For example, if you borrow $1,000 at a 5% annual interest rate for 3 years, the interest would be $1,000 × 0.05 × 3 = $150. Depending on the type of interest (simple or compound), the calculation may vary slightly.
What is a simple loan?
The majority of people borrow money at least once in their lives. Borrowing money from a lender is a process in which you agree to repay the amount plus interest over a specified period of time.
What is the past simple of borrow?
The past tense is borrowed.
Difference between simple and compound interest?
Simple interest is based on the original principle of a loan. Simple interest is generally used on short-term loans. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.
If you borrow rs 1200 on simple interest of 15 percent then the amount after 10 years will be?
For simple interest, just multiply the capital times the interest (converted to a decimal, that is, percentage / 100) times the number of years.
How much interest if you borrow 2000 at a rate of 6 percent for 2 years?
if its simple interest: I = prt = 240 the total money to be returned is 2240
You want to borrow 125 from your dad if he loans you money for 2 months at 6 interest per month how much do you owe him?
Simple interest 140.00, compound interest (where interest is added to the previous months interest) 140.45
If you borrow $200 at 6% simple interest and keep it for two years, how much will you have to pay back?
it should be around $224
Can I borrow money from my Simple IRA account?
No, you cannot borrow money from your Simple IRA account.
Marcy is planning to borrow 12500 with a simple interest rate of 5.2 percent for 4 years How much will she pay back to the bank?
15100
What is a simple loan?
The majority of people borrow money at least once in their lives. Borrowing money from a lender is a process in which you agree to repay the amount plus interest over a specified period of time.
What does 2 point 9 purchase financing mean?
2.9% on every dollar borrow. To make it simple say you want to borrow 1 dollar I tell you ok but have to pay me back that dollar + 2.9% interest which means you me 1.03$
What is the Formula for simple interest rate?
The answer for rate in simple interest is =rate= simple interest\principle*time
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 are the release dates for A Simple Promise - 2008?
A Simple Promise - 2008 was released on: USA: 27 May 2008
What are the ratings and certificates for A Simple Promise - 2008?
A Simple Promise - 2008 is rated/received certificates of: USA:PG-13
