Faye borrowed $9600 at 8% per annum compound interest.caculate the interest on the loan for the first year.

Answer 1

A=P(1+r/k) nk
A=$9600(1+0.08/04)1*4
A=$9600(1+0.02)1*4
A=$9600(1.02)1*4
A=$9600(1.08243216)
A=$10391.34874
A=$10391.35(2 d.p)

CI=Amount-principal
=$10391.35-$9600
=$791.35

Answer 2

Was the rate stated as 8% per annum, compounded quarterly?

I would conclude that by looking at your solution.
IF so, then you are correct

Answer 3

The question is Faye borrowed $9600 at 8% per annum compound interest.
I)calculate the interest on the loan for the first year.

Answer 4

8/100 × 9600/1 = 768

Answer 5

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