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A country has a foreign debt of $1.5 trillion. If it pays off 10% of its debt ea

Practice Questions

Q1
A country has a foreign debt of $1.5 trillion. If it pays off 10% of its debt each year, how much will it pay in the first year? (2019)
  1. $100 billion
  2. $150 billion
  3. $200 billion
  4. $250 billion

Questions & Step-by-Step Solutions

A country has a foreign debt of $1.5 trillion. If it pays off 10% of its debt each year, how much will it pay in the first year? (2019)
  • Step 1: Understand that the total foreign debt is $1.5 trillion.
  • Step 2: Know that the country will pay off 10% of its debt each year.
  • Step 3: Convert 10% into a decimal for calculation. 10% is the same as 0.1.
  • Step 4: Multiply the total debt by the decimal: 0.1 * 1.5 trillion.
  • Step 5: Calculate the result: 0.1 * 1.5 trillion = $150 billion.
  • Step 6: Conclude that the payment in the first year (2019) is $150 billion.
  • Percentage Calculation – Understanding how to calculate a percentage of a given amount.
  • Foreign Debt – Recognizing the implications of foreign debt and its management.
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