a man borrow$20,000from a bank at the interest rate 6%per annum compound annually calculate the amount that he needs to pay back the bank after 3years also find the interest charged by the bank on the man
Answers
Given : a man borrow$20,000from a bank at the interest rate 6%per annum compound annually
To Find : calculate the amount that he needs to pay back the bank after 3 years . The interest charged by the bank on the man
Solution:
P = $ 20000
R = 6 % PA
n = 3 Years
A = amount after n years
A = P ( 1 + R/100)ⁿ
=> A = 20000 ( 1 + 6/100)³
=> A = 20000( 1.06)³
=> A = 23,820.32 $
Interest = A - P
= 23,820.32 - 20000
= 3,820.32 $
the interest charged by the bank on the man = 3,820.32 $
Amount to pay back the bank after 3 years = 23,820.32 $
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