What is 1.6 powered by 2
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By Evaluating the Compound Interest, we come to know that Rajesh will have enough money in the account to cover all of the required loan payments.
The Principal Amount(P) = $30,000
Rate of Interest (r) = 2.16 %
Time(t) = 10 years
Number of Times it is Compounded in a year(n) = 12
Now, we have
Putting all the values, we evaluate the amount,
Hence, the Amount after Compound Interest = $37,225.87
Now, The loan amount that he pays = 300 *12*10 = $ 36,000
Yes, he will have enough money in the account to cover all of the required loan payments.
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