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Ifyouborrow$1200at14%interest,compoundedmonthly, and pay off the loan (principal and interest) at the end of two years, how much interest will you have paid?

Ifyouborrow$1200at14%interest,compoundedmonthly, and pay off the loan (principal and interest) at the end of two years, how much interest will you have paid?
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Ifyouborrow$1200at14%interest,compoundedmonthly, and pay off the loan (principal and interest) at the end of two years, how much interest will you have paid?

User Justin Lange
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1 Answer

5 votes
0.14/12=.01167/month
(1.01167)^24=1.321
1.321x1200=1585.18
1585.18-1200=$385.18 interest paid
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User Nolte
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