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Popular Word Problems >

Brittany took out a loan from a bank at 14% interest compounded monthly. After 2 years, the balance on the loan was 1,000.00. How much interest had accumulated on the loan?

Solution

B r i tt an y t oo k o u t a l o an f ro m a bank a t 14% in t eres t co m p o u n d e d m o n t h l 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 : 242.99

Solution steps

Translate the problem into an equation:

1000 = 757.00966 \dots + I

Solve for

I, 1000 = 757.00966 \dots + I : I = 242.99

Interest : 242.99

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