eddy2017
Elite Member
- Joined
- Oct 27, 2017
- Messages
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A customer has taken three loans from the bank and the tenure of each loan is 5 years.
Personal Loan of $ 200,000 at 14% rate of interest
Car Loan of $ 800,000 at 11% rate of interest
Home Loan of 400,000 at 9% rate of interest
What is the rate of interest for the overall $ 500,000?>
can you help me start this exercise?
I know the formula for simple interest but this is asking for the rate of interest. Don't know if it is the same thing.
thanks
Personal Loan of $ 200,000 at 14% rate of interest
Car Loan of $ 800,000 at 11% rate of interest
Home Loan of 400,000 at 9% rate of interest
What is the rate of interest for the overall $ 500,000?>
can you help me start this exercise?
I know the formula for simple interest but this is asking for the rate of interest. Don't know if it is the same thing.
thanks