Question

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).

Answer 1

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