Mr. Cruz

Mr. Cruz borrowed 21,600 euros for three years at 16 2⁄3% compounded annually. At the same time, Mr. Santos borrowed the same Amount at Simple Interest for the same period and at the same interest rate. Who Pays more and how much?

Correct answer:

a =  34300 eur
b =  32400 eur

Step-by-step explanation:

x=21600 eur n=3 p=1632=16+32=316 3+2=348+2=35016.6667 %  r=100%+p%=1+100p=1.1666666666667  a=x rn=21600 673=34300 eur
r1=p%=100p=10016.666666666667=0.16666666666667 i=x r1=21600 61=621600 1=621600=3600  b=x+n i=21600+3 3600=32400=32400 eur  a>b Δ=ab=3430032400=1900 eur

Did you find an error or inaccuracy? Feel free to write us. Thank you!

Showing 1 comment:
math is so hard

Tips for related online calculators
Need help with mixed numbers? Try our mixed-number calculator.
Our percentage calculator will help you quickly calculate various typical tasks with percentages.

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

Related math problems and questions: