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Example 3: Simple Interest . Suppose you want to start a business after college by creating a cool new app. To fund all the costs involved, you borrow $500,000 for three years from a wealthy aunt ...
Note that the example above is exactly the same as the example for simple interest, but the answers are different as compound interest changes the amount each period. Next page.
National 5; Percentages Simple interest over multiple years. Calculations can be carried out using percentages of shapes and quantities. We can calculate percentage increase and decrease, as well ...
For example, say a student obtains a simple-interest loan to pay one year of their college tuition, which costs $18,000, and the annual interest rate on their loan is 6%. They repay their loan ...
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