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

1. Step-by-step explanation:

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2. 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