Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
Answer:
$1680
Step-by-step explanation:
Principal loan amount x Interest rate x Time
= 12000 × 14% × 1
=12000 × 14/100 × 1
=168000/100 × 1
=1680
Answer:
i hope this helps!
credit: sayaksjunkyard2018
source: https://brainly.in/question/9238636
Step-by-step explanation:
P = $ 12000
r = 14%
t = 1 (for first year)
I = (P X r X t)/100
∴ I = (12000 X 14 X 1)/100
= 120 X 14
= $ 1680 <---------- (Interest on loan at the end of first year)
∴ Total amount owing at the end of first year = (P + I)
= (12000 + 1680)
= $ 13680
Repayment = $ 7800
Amount still outstanding (at the start of second year) = 13680 - 7800
= $ 5880
Interest on the outstanding amount at the end of second year,
P (new) = $ 5880
r (same) = 14%
t = 1 (for the current second year)
∴ I = (P X r X t)/100
= (5880 X 14 X 1)/100
= 82320 / 100
= $ 823.2 <-------------------------- (Interest on outstanding amount at the end of second year)
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.