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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