SOLUTION: David's change account cost him 0.8% annual interest. How much interest would he owe on 7000 in 10 months? How much will he pay in all?
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Question 1126063: David's change account cost him 0.8% annual interest. How much interest would he owe on 7000 in 10 months? How much will he pay in all? Answer by Alex.33(110) (Show Source):
You can put this solution on YOUR website! I have to assume it is simple interest, otherwise without how long it is compounded it is impossible to regard as compound interest (cannot solve the problem).
Begin.
Owe: 7000*(0.8%)*(10/12)=46.667 unit currency. (approximately)
Pay:7046.667 unit currency. (approximately)
Hope this helps, keep calm and learn maths!
