celeste7claudia celeste7claudia

11-02-2021
Mathematics

contestada

Suppose that a loan of $8000 is given at an interest rate of 13% compounded each year.
Assume that no payments are made on the loan.
Follow the instructions below. Do not do any rounding.
(a) Find the amount owed at the end of 1 year.
si
(b) Find the amount owed at the end of 2 years.

Respuesta :

madethisfortwitch1 madethisfortwitch1

11-02-2021

Answer:

9040

10215.20

Step-by-step explanation:

compound interest that compounds yearly works as follows

PV(1+i)^n

just plug in the numbers

8000(1.13)^1= 9040

8000(1.13)^2=10215.20

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