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Populaire Word Problems >

Jayla took out a loan from a bank at 5% interest compounded annually. After 3 years, the balance on the loan was 1,000.00. How much interest had accumulated on the loan?

Solution

J a y l a t oo k o u t a l o an f ro m a bank a t 5% in t eres t co m p o u n d e d ann u a ll y . A f t er 3 ye a rs, t h e ba l an ce o n t h e l o an w a s 1, 000.00. Ho w m u c h in t eres t ha d a cc u m u l a t e d o n t h e l o an ?

Solution

Interest : 136.16

étapes des solutions

Translate the problem into an equation:

1000 = 863.83759 \dots + I

Solutionner pour

I, 1000 = 863.83759 \dots + I : I = 136.16

Interest : 136.16

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