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1. mr. reed received a loan for 3500.00, the loan is for 2 years at 6.75% interest rate, how much interest will mr. reed have to pay? (calculate using simple interest and compound interest).
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1.

mr. reed received a loan for 3500.00, the loan is for 2 years at 6.75% interest rate, how
much interest will mr. reed have to pay? (calculate using simple interest and
compound interest).

User Jelena
by
8.6k points

1 Answer

8 votes

Answer:

3500,00 (2 multiply by 6,75%)

3500,00 (2 multiply by 6,75 divide by 100)

3500,00 ( 2 multiply by 0,0675)

3500,00 multiply by 0,135

= R472,50

User Lucy Maya Menon
by
8.1k points
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