76% of all clients who apply for SBA loan are approved for the loan. Of the clients who are approved 84% pay the loan back in full. If 5,000 clients applied for the SBA loan 10 years ago, how many of them paid the loan back in full?
5,000 * .76 * .84 = ?
3192 thanks
To find out how many clients paid the loan back in full, we need to follow these steps:
Step 1: Calculate the number of clients who were approved for the loan.
Given that 76% of all clients who applied for the SBA loan were approved for the loan, we can calculate this by multiplying the total number of clients by the percentage:
Number of clients approved = (76/100) * 5,000
Step 2: Calculate the number of clients who paid the loan back in full.
Given that 84% of the clients who were approved for the loan paid it back in full, we can calculate this by multiplying the number of clients approved by the percentage:
Number of clients who paid loan back in full = (84/100) * number of clients approved
Now, let's calculate:
Number of clients approved = (76/100) * 5,000
= 3,800
Number of clients who paid loan back in full = (84/100) * number of clients approved
= (84/100) * 3,800
= 3,192
Therefore, out of the 5,000 clients who applied for the SBA loan 10 years ago, 3,192 of them paid the loan back in full.