a person took three year loan of $ 20000 at an interest rate of 7% that compound annually. what would be the amount of interest Complete sol

Question

a person took three year loan of $ 20000 at an interest rate of 7% that compound annually. what would be the amount of interest Complete solution step by step

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Elliana 1 month 2021-08-18T09:01:04+00:00 2 Answers 0 views 0

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    0
    2021-08-18T09:02:29+00:00

    Step-by-step explanation:

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    0
    2021-08-18T09:03:00+00:00

    Step-by-step explanation:

    Principle = $ 20000

    Rate= 7% per annum

    Time= 3 years

    Amount =P(1+R/100)^n

    A=20000(1+7/100)^3

    A=20000(107/100)^3

    A=20000×107/100×107/100×107/100

    A= 107 ×107×107/50

    A= $ 24500.86

    Compound interest =Amount – Principal

    = 24500.86 – 20000

    = $ 4500.86

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