# Annual interest

A loan of 10 000 euros is to be repaid in annual payments over ten years. Assuming a fixed 10% annual interest rate compounded annually, calculate:

(a) the amount of each annual repayment

(b) the total interest paid.

(a) the amount of each annual repayment

(b) the total interest paid.

## Correct answer:

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#### You need to know the following knowledge to solve this word math problem:

**algebra**- geometric progression
- infinite geometric series
**basic functions**- percentages
- exponential function
**numbers**- fractions

#### Units of physical quantities:

#### Grade of the word problem:

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