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Popular Word Problems >

a business loan of 1000000 is to be repaid in full after 3 years if the interest rate is 7 percent per annum how much should be paid after 3 years

Solution

a b u s in ess l o an o f 1000000 i s t o b e re p ai d in f u ll a f t er 3 ye a rs i f t h e in t eres t r a t e i s 7 p erce n t p er ann u m h o w m u c h s h o u l d b e p ai d a f t er 3 ye a rs

Solution

Amount : 1210000

Solution steps

Translate the problem into an equation:

A = 1000000 (1 + 0.07 \cdot 3)

1000000 (1 + 0.07 \cdot 3) = 1210000

Amount : 1210000

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