Krisi took out a $500 discounted loan calculated using a simple interest rate of 5% for a period of 2 years. How much money does Krisi recei

Question

Krisi took out a $500 discounted loan calculated using a simple interest rate of 5% for a period of 2 years. How much money does Krisi receive when the loan is drawn down? Give your answer in dollars to the nearest dollar. Do not include the dollar symbol or commas in your answer.

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Kaylee 24 hours 2021-10-11T21:52:13+00:00 2 Answers 0

Answers ( )

    0
    2021-10-11T21:53:33+00:00

    Answer:

    At the end krisi will receive 550

    Step-by-step explanation:

    We have given that krisi took $500

    So the principle amount P = $500

    Rate of interest r = 5%

    Time t = 2 years

    We know that simple interest is given by

    simple\ interest=\frac{P\times r\times t}{100}=\frac{500\times 5\times 2}{100}=$50

    So the amount which he receive = 500 +50 =550

    So at the end krisi will receive 550

    0
    2021-10-11T21:54:08+00:00

    Answer:

    450

    Step-by-step explanation:

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