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Popular Word Problems >

8000 for 4 years at 6.5% compounded monthly. what is the amount of interest?

Solution

​8000 f or 4 ye a rs a t 6.5​% co m p o u n d e d m o n t h l y . w ha t i s t h e am o u n t o f in t eres t ?

Solution

Interest : 2368.16

Solution steps

Translate the problem into an equation:

10368.16348 \dots = 8000 + I

Solve for

I, 10368.16348 \dots = 8000 + I : I = 2368.16

Interest : 2368.16

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