A customer has approached a local credit union for a $20,000 1 year loan at a 10

Statistics
Tutor: None Selected Time limit: 1 Day

A customer has approached a local credit union for a $20,000 1 year loan at a 10% interest rate.

Dec 10th, 2014

At the end up the year, the customer will owe $22,000. This comprises of the principle ($20,000) and the interest ($2,000). The interest was calculated by multiplying the principle times the rate, by time. Expressed in an equation: interest=(20,000)(0.1)(1)

interest=(principle)(rate)(time)


I hope this helps you with your problem!

Dec 10th, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Dec 10th, 2014
...
Dec 10th, 2014
Feb 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer