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secondary 4 | E Maths
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how do you figure it out without the principal?
Date Posted: 4 years ago
Views: 216
Let P (or X or any letter represent your principal amount).
Perform the calculation.
For simple interest, the incurred interest
= P x 2.7/100 x 5
= 0.135 P
For compound interest,
total interest incurred after 5 years
= P(1 + 2.6/100)^5 - P
= P(1.026)^5 - P
≈ 1.1369 - P
= 0.1369 P
= 0.137 P (3s.f)
For Bank B, the interest incurred is a lower proportion of / percentage of the principal amount than that of Bank A.
So he should take the loan from Bank A since it is cheaper to do so / he pays less than if he were to take from Bank B.
(you can calculate percentage if you want to use that comparison)
Perform the calculation.
For simple interest, the incurred interest
= P x 2.7/100 x 5
= 0.135 P
For compound interest,
total interest incurred after 5 years
= P(1 + 2.6/100)^5 - P
= P(1.026)^5 - P
≈ 1.1369 - P
= 0.1369 P
= 0.137 P (3s.f)
For Bank B, the interest incurred is a lower proportion of / percentage of the principal amount than that of Bank A.
So he should take the loan from Bank A since it is cheaper to do so / he pays less than if he were to take from Bank B.
(you can calculate percentage if you want to use that comparison)
See 1 Answer
done
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clear
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We do as usual except that our answers will be in terms of P.
Date Posted:
4 years ago
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