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11 February, 21:42

7. Opal Lindsay has just taken out a loan at her bank. The bank is charging her 12 percent compounded monthly. How much is Ms. Lindsay actually paying for her loan?

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  1. 11 February, 21:50
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    12.68250%.

    Formula:

    Basic formula for compound interest:

    At = A0 (1+r) n

    where:

    A0 : principal amount, or initial investment

    At : amount after time t

    r : interest rate

    n : number of compounding periods, usually expressed in years
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