a person took three year loan of $ 20000 at an interest rate of 7% that compound annually. what would be the amount of interest Complete solution step by step
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Step-by-step explanation:
Principle = $ 20000
Rate= 7% per annum
Time= 3 years
Amount =P(1+R/100)^n
A=20000(1+7/100)^3
A=20000(107/100)^3
A=20000×107/100×107/100×107/100
A= 107 ×107×107/50
A= $ 24500.86
Compound interest =Amount - Principal
= 24500.86 - 20000
= $ 4500.86
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