Interest 66484

The bank provides loans with an interest rate of 5% pa. How much interest will you pay if you borrow 5,000 euros for:
A) 1 year

B) 1/2 year

C) 1/4 year

D) 5 years?

Correct answer:

a =  255.81 eur
b =  126.31 eur
c =  62.76 eur
d =  1416.79 eur

Step-by-step explanation:

x=5000 eur r=5%=1005=201=0.05  q=1+r/12=1+0.05/12=2402411.0042  a=x q12x=5000 1.0042125000=255.81 eur
b=x q6x=5000 1.004265000=126.31 eur
c=x q3x=5000 1.004235000=62.76 eur
d=x q5 12x=5000 1.00425 125000=1416.79 eur

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