Get clear, concise, and accurate answers to your questions on IDNLearn.com. Get the information you need from our community of experts who provide accurate and comprehensive answers to all your questions.
The amount paid for the loan of $1500 at 9% for 2 years compound interest is $1782.15
The given parameters are:
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
Read more about amount at:
https://brainly.com/question/24924853
#SPJ1