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Find the amount paid for the loan.

$1500 at 9% for 2 years

$

Sagot :

MrRoyalidn

The amount paid for the loan of $1500 at 9% for 2 years compound interest is $1782.15

How to determine the amount paid?

The given parameters are:

  • Principal, P = $1500
  • Rate, r = 9%
  • Time, t = 2 years

The amount paid is then calculated using:

[tex]A = P(1 + r)^t[/tex]

So, we have:

[tex]A = 1500 * (1 + 9\%)^2[/tex]

Evaluate the exponent

A = 1500 * 1.1881

Evaluate the product

A = 1782.15

Hence, the amount paid for the loan is $1782.15

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