Question

You borrowed 59000 for 2 years at 11%which was compounded annually.what total will you pay back?

Answer 1

Answer:

P-59000

T-2yrs

R-11%

for 1 year

l-P*R*T/100

59000*11*1/100*12 =540.8333

A-P+I

540.833+59000=59540.833

for 2 year

p-59540.833

R-11%

T-1

59540.833*11%*1/12=545.79096916