Explanation Formula used: To find the compound amount : “ A = P ( 1 + r n ) n t Where A is accumulated amount, P is original principal, t is time in years, r is rate per year expressed as decimal equivalent and n is compounding periods per year.” Calculation: Obtain the compound interest on a loan amount of $6,150 at the rate of interest 11 1 2 % for 3 years compounded annually. Here P = 6150 , n = 1 , r = 0.115 and t = 3 . Substitute the above values in the compound amount formula as follows. A = P ( 1 + r n ) n t = 6150 ( 1 + 0

MML F/COLLEGE MAT F/TRADES - ACCESS CODE

10th Edition

ISBN: 9781323845967

Author: Hobbs

Publisher: PEARSON

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Chapter 16, Problem 22RE

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The compound interest on a loan amount of $6,150 at the rate of interest 1112% for 3 years compounded annually.

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Chapter 16, Problem 21RE

Chapter 16, Problem 23RE

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MML F/COLLEGE MAT F/TRADES - ACCESS CODE

Ch. 16.1 - Prob. 1LC Ch. 16.1 - Prob. 1E Ch. 16.1 - Prob. 2E Ch. 16.1 - Prob. 3E Ch. 16.1 - Prob. 4E Ch. 16.1 - Prob. 5E Ch. 16.1 - Prob. 6E Ch. 16.1 - Prob. 7E Ch. 16.1 - Prob. 8E Ch. 16.1 - Prob. 9E

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The compound interest on a loan amount of $6,150 at the rate of interest 11 1 2 % for 3 years compounded annually.

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The compound interest on a loan amount of $6,150 at the rate of interest 1112% for 3 years compounded annually.

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Chapter 16 Solutions