Isabelle took out a loan from a bank at 13% interest compounded quarterly. After 2 years, the balance on the loan was 1,000.00. How much interest had accumulated on the loan?Round your answer to the nearest cent.

Solución

Isabelle took out a loan from a bank at 13% interest compounded quarterly. After 2 years, the balance on the loan was 1, 000.00. How much interest had accumulated on the loan?Round your answer to the nearest cent.

Solución

Interest : 225.75

Pasos de solución

Translate the problem into an equation:

1000 = 774.24697 \dots + I

Resolver para

I, 1000 = 774.24697 \dots + I : I = 225.75

Interest : 225.75

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