Read the following questions and calculate the interest.
Computers and Technology, 05.05.2021 20:30 neilaamusic6966
Calculating Interest
Directions:
Read the following questions and calculate the interest.
1. Mark wants to borrow $1,000 to purchase a nice bicycle. The local bank provides
him with a loan with an annual interest rate of 10 percent. How much interest
should Mark pay after one year?
2. Mark decided to borrow the $1,000 for two years. If the bank charges 10 percent
simple interest, how much interest would Mark pay?
3. If Mark wants to pay off the loan in five years and the bank charges 10 percent
simple interest, how much would Mark pay for the entire loan?
4. Julie borrows the same $1,000 for her furniture. However, the bank she went to
charges a compound interest of 10 percent. If Julie’s loan will be paid off in two
years, how much will Julie pay the bank in total?
Answers: 1
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Calculating Interest
Directions:
Read the following questions and calculate the interest.
Read the following questions and calculate the interest.
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