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d1i1m1o1n [39]
2 years ago
12

HELP HELP !! & PlEASE SHOW WORK ! What would be the compound interest rate if Tom borrowed $6,000 at a 3% interest rate for

2 years?
$365.40
$185.40
$180.00
$250.00
Mathematics
1 answer:
In-s [12.5K]2 years ago
3 0

Answer:

Compound interest = $365.4

Step-by-step explanation:

Given:

Amount borrowed = $6,000

Rate of interest = 3%

Number of year =  year

Find:

Compound interest

Computation:

A = P[1+r]ⁿ

Amount after 2 year = 6,000[1 + 3%]²

Amount after 2 year = 6,000[1 + 0.03]²

Amount after 2 year = 6,000[1.03]²

Amount after 2 year = 6,000[1.0609]

Amount after 2 year = 6,365.4

Compound interest = Amount after 2 year - Amount borrowed

Compound interest = 6,365.4 - 6,000

Compound interest = $365.4

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