Solution
A small company borrows 30, 000 at 4% compounded monthly. The loan is due in 6 years. How much interest will the company pay?
Solution
Solution steps
Translate the problem into an equation:
Solve for
Popular Examples
the product of a number and 10 increased by 1How much money should be deposited today in an account that earns 4.5 % compounded monthly so that it will accumulate to 12,000 in 2 years?number decreased by 16 is-8:Find the numberFive times the difference of a number and 5.Annabelle invested 5,900 in an account paying an interest rate of 2% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 7,440?