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Lorriane
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Faye borrowed $9600 at 8% per annum compound interest.caculate the interest on the loan for the first year.
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The question is Faye borrowed $9600 at 8% per annum compound interest. I)calculate the interest on the loan for the first year.
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
This was an easy way to understand the prpblem ,the steps were very clear
