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24 July, 05:40

Matt borrows $1000 at 9% compounded monthly for 2 years. Find the total interest amount on the loan.

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Answers (2)
  1. 24 July, 05:42
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    The answer is 657000 because 1000x. 9 is 900x730 (which is what 2 years is like in days)
  2. 24 July, 06:05
    0
    A = P (1 + (0.09/12)) ^2*12.

    = $1196.41

    I = A-P

    = 1196.41-1000

    =$196.41
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