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Popular Word Problems >

Donald took out a loan from a bank at 13% interest compounded quarterly. After 2 years, the balance on the loan was 6,000.00. How much interest had accumulated on the loan?

Solution

Do na l d t oo k o u t a l o an f ro m a bank a t 13% in t eres t co m p o u n d e d q u a r t er 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 6, 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 : 1354.52

Solution steps

Translate the problem into an equation:

6000 = 4645.48185 \dots + I

Solve for

I, 6000 = 4645.48185 \dots + I : I = 1354.52

Interest : 1354.52

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