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simple interest problem

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simple interest problem

by Chinn_asama » Thu Jul 05, 2012 6:19 am
Hi

What annual payment will discharge a debt of 6,450 due in 4 years at 5% per annum simple interest?

I tried to do by using the I=ptr formula, sum the interest and the principal and finally divide it with 4. But apparently that is not the way to do it.

Thanx
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by M_Student » Thu Jul 05, 2012 7:48 am
Hi Chinn_asama,

I tried but failed.....and i want to add something......

if in the same question, we are asked to find the compund interest(amount)- but semi-annually then how can we do it??????????

Thank you.
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