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A loan of $5000 is taken at a compound interest rate of 6% per annum. What will
Practice Questions
Q1
A loan of $5000 is taken at a compound interest rate of 6% per annum. What will be the amount after 2 years?
$5630
$6000
$6760
$7000
Questions & Step-by-Step Solutions
A loan of $5000 is taken at a compound interest rate of 6% per annum. What will be the amount after 2 years?
Steps
Concepts
Compound Interest
– Understanding how compound interest works, including the formula for calculating the future value of an investment or loan.
Exponents
– Applying exponent rules in the context of compound interest calculations.
Financial Literacy
– Basic knowledge of loans and interest rates, and how they affect the total amount owed over time.
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