Business, 26.03.2021 19:30 cedricevans41p4j3kx
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? $1000 borrowed.
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?
5. If Julie’s $1,000 loan is paid off in five years, how much will Julie pay the bank in total?
Answers: 3
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Directions: Read the following questions and calculate the interest.
1. Mark wants to borrow $1,000...
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