You borrow $2000 from the bank at 1% annual interest compounded monthly. The monthly payment is $100. What is the balance after

Question

Soloha48 [4]

3 years ago

8

You borrow $2000 from the bank at 1% annual interest compounded monthly. The monthly payment is $100. What is the balance after

the third payment?

Mathematics

1 answer:

Blizzard [7] · Answer 1 · 2022-05-21T20:46:28+03:00

Blizzard [7]3 years ago

4 0

Answer:

$2.52

Step-by-step explanation:

If you start with the balance being $2000, the monthly payment is $100 with the percentage rate being 1%. You would way 0.84 per month and if you multiply that by three months, you get $2.52.