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3. A person takes a loan at a certain interest rate compounded annually. If he hasto pay Rs 14 400 to settle the entire loan in 2 years or Rs 17 280 to settle it in3 years, calculate the amount he borrowed and the compound interest rate. |
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Answer» Answer: Explanation: t = the amount of time the MONEY is borrowed for – this needs to be in years if ... 2. FIND the simple interest RATE for a LOAN where $500 is borrowed and the ... a bank if the loan is discounted the bank does not give you $1000, they give ... 2. You wish to borrow $10,000 for 3 months. If the person you are borrowing from offers a. |
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