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Jaime just borrowed 50 from Marco If Jaime now owes Marco a total of 247 how much had Jaime borrowed before?
Wiki User
∙ 14y ago
b + 50 = 247
Wiki User
∙ 14y ago
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What is the total amount of money owed if 1250 was borrowed for four years at 3.5 interest?
Assuming Compound Interest I(n) = I(o)[1 + r/100]&(n) Where I(o) = 1250 r = 3.5% n = 4 years Substitutie I(4) = 1250[1 + 3.5/100]^(4) Hence I(4) = 1250 [ 1.035]^(4) I(4) = 1250[1.147523] I(4) = 1434.40 is the total amount owed. NB Compound interest is the usual business practice of calculating interest. NNB Payment would possibly be done on an monthly basis ; 1434.40 / 48 = 29.88 is paid each month .
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