Matt borrows $1000 at 9% compounded monthly for 2 years. Find the total interest amount on the loan.
2 answers:
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Answer:
x = 10 months
Step-by-step explanation:
Given:
Initial deposit = $100
Weakly deposit = $15
Solution:
We need to create an equation where total amount is y is equal to initial deposit plus multiplication of weakly deposit and month x, so the equation is written as.
---------(1)
Where:
Y = Total amount
x = Number of months.
Second thing we need to find the month for y = $250
Now, we substitute y = 250 in equation 1.
x = 10 months
Therefore, we need to required 10 months for $250.