3 years ago

Matt borrows $1000 at 9% compounded monthly for 2 years. Find the total interest amount on the loan.

2 answers:

7 0

The answer is 657000 because 1000x.9 is 900x730(which is what 2 years is like in days)

5 0

A= P(1+(0.09/12))^2*12.
= $1196.41
I= A-P
= 1196.41-1000
=$196.41

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