Question
Find the interest to be paid on a loan of 6000 granted to a family member, at a nominal rate of 15% semiannually, for 2 bi-monthly periods.
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Answer to a math question Find the interest to be paid on a loan of 6000 granted to a family member, at a nominal rate of 15% semiannually, for 2 bi-monthly periods.
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4.485 Answers
1. Identify the principal amount: P = 6000
2. Convert the annual nominal rate to a semiannual rate:r = 0.15/2 = 0.075
3. Convert the time period from bi-monthly to half-years:n = 2/6 = \frac{1}{3}
4. Apply the simple interest formula:I = P \times r \times n
5. Calculate the interest:I = 6000 \times 0.075 \times \frac{1}{3} = 150
The interest to be paid is150
2. Convert the annual nominal rate to a semiannual rate:
3. Convert the time period from bi-monthly to half-years:
4. Apply the simple interest formula:
5. Calculate the interest:
The interest to be paid is
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