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Mr. Wilson lent $35,000 to Sam for 2$ years at $22 rate of interest per annum. How much will Sam repay at the end of $2 years?

User Ochedru
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Question: Mr. Wilson lent $35,000 to Sam for 2$ years at $22 rate of interest per annum. How much will Sam repay at the end of $2 years?

Answer: $50,400

Explanation:

To calculate the amount Sam will repay at the end of 2 years, we need to consider the principal amount, the interest rate, and the duration.

Principal amount (P) = $35,000

Rate of interest (R) = 22% per annum

Duration (t) = 2 years

The formula to calculate the total amount repaid (A) is:

A = P + (P * R * t)

Substituting the given values into the formula:

A = $35,000 + ($35,000 * 0.22 * 2)

A = $35,000 + ($35,000 * 0.44)

A = $35,000 + $15,400

A = $50,400

Therefore, Sam will repay a total of $50,400 at the end of 2 years.

User Ankit Goyal
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