Debra borrowed $2,000 from the bank.The interest rate is 13 %. How much would she pay for 2 years?
2006-10-11 16:57:48 · 3 answers · asked by Keri ♥ 1 in Education & Reference ➔ Homework Help
It depends on the compounding - that is, the number of times interest is computed per year.
Let's assume it's simple interest.
I = PRT where
I = Interest paid $
P = Principal
Rate = interest rate
T = time.
I = ($2,000)(.13)(2)
I = $520 in interest she would pay back over the two years.
and $2,520 is the total amount of debt she would pay back.
2006-10-11 17:03:11 · answer #1 · answered by captn_carrot 5 · 1⤊ 0⤋
the amount she would pay after two years=simple interest (SI)+principle(P) SI=[P*rate(R)*time(T)]/100. so (2000*13*2 )/100=520. so using the 1st equation 529+2000=2529=the amount she pays.
2006-10-12 00:10:21 · answer #2 · answered by Tony B 2 · 0⤊ 0⤋
2000*(1.13^2)=2553.8.
2006-10-11 23:59:48 · answer #3 · answered by Anonymous · 1⤊ 0⤋