Calculate tha compounds interest on 7000at 9% per annum for 2 years
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1
Answer:
To calculate a monthly interest payment based on a per annum interest rate, multiply the principal basis for the loan by the annual interest rate. ...
Divide the annual interest amount by 12 to calculate the amount of your per annum interest payment that is due each month.
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Answer:
Amount = 8316.70, compound interest = 1316.70
Step-by-step explanation:
Given:
principle = 7000
rate% = 9%
time = 2 years
now, put the formula
A = P(1+r/100)^2
A = 7000 (1+9/100)^2
A = 7000×109/100×109/100
A = 8316.70
C.I. = A - P
C.I. = 8316.70 - 7000
= 1316.70
hope it helps you
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