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MathematicsMathematics
18 March, 13:54

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

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  1. 18 March, 14:18
    0
    A = P (1 + (0.09/12)) ^2*12.

    = $1196.41

    I = A-P

    = 1196.41-1000

    =$196.41
  2. 18 March, 14:47
    0
    The answer is 657000 because 1000x. 9 is 900x730 (which is what 2 years is like in days)
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