$1,000 was borrowed 3 months ago at 1% per month. Calculate how much will be owed...

$1,000 was borrowed 3 months ago at 1% per month. Calculate how much will be owed at the end of next month.

A.) Write a shorthand formula then calculate the value that is owed at the end of next month.

Expert Solution

Principal amount	$ 1,000

Interest for 5 Month	$ 50	=10001%5

Amount owed at the end of next month	$ 1,050	=1000+50

or
Amount owed at the end of next month = Principal x rate of interest x no. of months
Amount owed at the end of next month	$ 1,050	=1000+(10001%5)

ekkarill92 answered 3 years ago

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