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Popular Word Problems >

Isabelle took out a loan from a bank at 13% interest compounded quarterly. After 2 years, the balance on the loan was 1,000.00. How much interest had accumulated on the loan?Round your answer to the nearest cent.

Solución

I s ab e ll e 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 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 ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solución

Interest : 225.75

Pasos de solución

Translate the problem into an equation:

1000 = 774.24697 \dots + I

Resolver para

I, 1000 = 774.24697 \dots + I : I = 225.75

Interest : 225.75

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