Question

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

Answer 1

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

Answer 2

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