en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

A small company borrows 30,000 at 4% compounded monthly. The loan is due in 6 years. How much interest will the company pay?

Solution

A s ma ll co m p an y b orro w s 30, 000 a t 4% co m p o u n d e d m o n t h l y . T h e l o an i s d u e in 6 ye a rs . Ho w m u c h in t eres t w i ll t h e co m p an y p a y ?

Solution

Interest : 8122.26

Solution steps

Translate the problem into an equation:

38122.25637 \dots = 30000 + I

Solve for

I, 38122.25637 \dots = 30000 + I : I = 8122.26

Interest : 8122.26

Popular Examples

the product of a number and 10 increased by 1 How much money should be deposited today in an account that earns 4.5 % compounded monthly so that it will accumulate to 12,000 in 2 years?40% of what number is 80 number decreased by 16 is-8:Find the number 14 is 35% of what number?