Loan

If you take a bank loan $ 10000 and we want to repay after the year, we have to pay the total amount $ 10320/ What is the annual interest rate on this loan?

Correct result:

p =  3.2 %

Solution:

p=10320−1000010000⋅100=3.2%p = \dfrac{ 10320-10000}{ 10000} \cdot 100 = 3.2 \%

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