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Each night answer and solution in each problem will be given
1.) Nr. Dominguez borrowed Php 500,000 in a bank and promise to pay after
2 years with a 5% effective interest rate. How much is the money he had to
pay after 2 years?
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Sagot :

LOID2002IN

Answer:

550000

Step-by-step explanation:

find the interest annually

5% = 0.05

500 000 x 0.05 = 25000 a year

50 000 for 2 years of interest

add the interest to the borrowed value

50 000 + 500 000 = 550000

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