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Beliebt Word Problems >

Lorenzo took out a loan from a bank at 14% interest compounded annually. After 3 years, the balance on the loan was 8,000.00. How much interest had accumulated on the loan?

Lösung

L ore n zo 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 ann u a ll y . A f t er 3 ye a rs, t h e ba l an ce o n t h e l o an w a s 8, 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 ?

Lösung

Interest : 2600.23

Schritte zur Lösung

Translate the problem into an equation:

8000 = 5399.77212 \dots + I

Löse nach

I, 8000 = 5399.77212 \dots + I : I = 2600.23

Interest : 2600.23

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