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Popular Word Problems >

Andrew takes a loan of 30 000 for a period of 6 years, at a simple interest rate of 14% per annum. Find the amount owing at the end of the 6 years

Solution

A n d re w t ak es a l o an o f 30000 f or a p er i o d o f 6 ye a rs, a t a s im pl e in t eres t r a t e o f 14% p er ann u m . F in d t h e am o u n t o w in g a t t h e e n d o f t h e 6 ye a rs

Solution

Amount : 55200

Solution steps

Translate the problem into an equation:

A = 30000 (1 + 0.14 \cdot 6)

30000 (1 + 0.14 \cdot 6) = 55200

Amount : 55200

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