Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

A bank gives you a loan of 1,500,000 Baht to buy a house. The interest rate of the loan is 0.01% per day (Using 1 year = 365 days) How much interest you pay after 10 years

Sagot :

dashalinid

Answer:

547 500

Step-by-step explanation:

Interest for 1 year:

0.01%×365=3.65 a year

3.65×10=36.5% for 10 years

36.5×1,500,000÷100=547 500

The interest paid after 10 years is 547 ,500 Baht.

What is Interest ?

Interest is the amount paid or earned when a loan is taken or an investment is done respectively.

It is given that

Principal = 1,500,000 Baht

Rate = 0.01 % per day

Time period = 10 years

Interest = ?

Interest = P *R *T/100

Interest = 1500000 * 0.01 *365* 10 / 100

Interest = 547,500 Baht

Therefore the interest paid after 10 years is 547 ,500 Baht.

To know more about Interest

https://brainly.com/question/13324776

#SPJ2

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.