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Popular Word Problems >

Debbie took out a loan from a bank at 15% interest compounded annually. After 2 years, the balance on the loan was 1,000.00. How much interest had accumulated on the loan?

Solution

De bbi e t oo k o u t a l o an f ro m a bank a t 15% in t eres t co m p o u n d e d ann u a ll y . A f t er 2 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 : 243.86

Solution steps

Translate the problem into an equation:

1000 = 756.14366 \dots + I

Solve for

I, 1000 = 756.14366 \dots + I : I = 243.86

Interest : 243.86

Popular Examples

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