Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Let the principal is 30,000JPY and the annual interest rate is 4%. Then, calculate the total amount of principal and interest under the following
Let the principal is 30,000JPY and the annual interest rate is 4%. Then, calculate the total amount of principal and interest under the following systems and period: (Caution: You can use a calculator. The all amount of money should be rounded down to integers.) Under the system of simple interest, a half year later, the total amount is (1) JPY. 1 year later, the total amount is (2) JPY. 2 years later, the total amount is (3) JPY. (1) (2) (4) Under the system of half yearly compound interest, a half year later, the total amount is (4) JPY 1 year later, the total amount is (5) JPY and 2 years later, the total amount is (6) JPY. ( 3 ) (5) (6) Under the system of 1 year compound interest, a half year later, the total amount is (7) JPY, 1 year later, the total amount is (8) JPY and 2 years later, the total amount is (9) JPY. (7) ( 8 ) (10) Under the system of quarter yearly compound interest, a half year later, the total amount is (10) JPY, 1 year later, the total amount is (11) JPY and 2 years later, the total amount is (12) JPY. ( 9 ) (11) (12)
Step by Step Solution
★★★★★
3.45 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
SOLUTION To calculate the total amount of principal and interest under different systems and periods well use the given principal of 30000 JPY and the annual interest rate of 4 Lets calculate the amou...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started