Asked by Anoymous
compute the compound and the interest on a loan of $10,400 compounded annually for 6 years at 12% use the $1.00 future value and compound interest formula
Answers
Answered by
Reiny
amount = 1040(1.12)^6 = 2052.78
interest on the initial principal = 2052.78 - 1040
= 1012.78
interest on the initial principal = 2052.78 - 1040
= 1012.78
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