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You borrow $200 from a relative for six months. You agree to pay compound interest at the rate of 1% per month.

You borrow $200 from a relative for six months. You agree to pay compound interest at the rate of 1% per month.
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3 votes
You borrow $200 from a relative for six months. You agree to pay compound interest at

the rate of 1% per month.

User Jirson Tavera
by
7.8k points

1 Answer

3 votes
A=200×(1+0.01)^(6)
A=212.30
Interest paid
I=212.30-200=12.30
User Tunnelvisie
by
8.3k points
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