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- Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal placesIf you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?How to convert daily interest rate into monthly interest rate?
- Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?What is Effective interest?Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.