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?
1 answer:
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.
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