Computing Compound InterestA credit union pays interest of 2% per annum compounded quarterly on acertain savings plan. If $1000 is deposited in such a plan and the interest is left toaccumulate, how much is in the account after 1 year?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Computing Compound Interest
A credit union pays interest of 2% per annum compounded quarterly on a
certain savings plan. If $1000 is deposited in such a plan and the interest is left to
accumulate, how much is in the account after 1 year?
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