Respuesta :
Answer:
Step-by-step explanation:
One loan from the local bank is a three year loan with a capital of $75000 and an annual interest of 5%.
Therefore simple interest form this loan for the year will be
⇒ Principal amount×Rate of interest×Time(in years)/100
⇒ 75000×5×1/100
Interest = $3750
Other loan is a one year loan with a principal of $21000 and annual interest of 4.5%
Therefore interest of first year from this loan will be
= Principal amount×Rate of interest×Time(in years)/100
= 21000×5×4.5/100
= $4725
Total interest of first year for both loans = 3750+4725 = $8475
Answer:
$8475
Step-by-step explanation:
Therefore simple interest for the loan from the local bank is a three year loan with a capital of $75000 and an annual interest of 5%. for the year will be
=PTR/100
=[tex]\frac{75000×5×1}{100}[/tex]
Interest = $3750
Other loan is a one year loan with a principal of $21000 and annual interest of 4.5%
Hence interest of first year from this loan will be
=PTR/100
=[tex]\frac{21000×4.5×1}{100}[/tex]
=$4725
Total interest for 1 year =[tex]3750+4725=8475[/tex]
