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svet-max [94.6K]
2 years ago
6

Find the amount paid for the loan. $1500 at 9% for 2 years $

World Languages
1 answer:
klemol [59]2 years ago
7 0

The amount paid for the loan of $1500 at 9% for 2 years compound interest is $1782.15

<h3>How to determine the amount paid?</h3>

The given parameters are:

  • Principal, P = $1500
  • Rate, r = 9%
  • Time, t = 2 years

The amount paid is then calculated using:

A = P(1 + r)^t

So, we have:

A = 1500 * (1 + 9\%)^2

Evaluate the exponent

A = 1500 * 1.1881

Evaluate the product

A = 1782.15

Hence, the amount paid for the loan is $1782.15

Read more about amount at:

brainly.com/question/24924853

#SPJ1

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