Mr. Cruz
Mr. Cruz borrowed 21,600 euros for three years at 16 2⁄3% compounded annually. At the same time, Mr. Santos borrowed the same Amount at Simple Interest for the same period and at the same interest rate. Who Pays more and how much?
Correct answer:
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You need to know the following knowledge to solve this word math problem:
- algebra
- geometric progression
- arithmetic
- exponentiation
- comparing
- basic functions
- percentages
- numbers
- mixed numbers
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