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taurus [48]
3 years ago
13

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

Mathematics
2 answers:
LuckyWell [14K]3 years ago
7 0
The answer is 657000 because 1000x.9 is 900x730(which is what 2 years is like in days)
Anastasy [175]3 years ago
5 0
A= P(1+(0.09/12))^2*12. 
  = $1196.41
I= A-P
 = 1196.41-1000
 =$196.41
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