Question

Find the amount of interest owned for a $1,895 loan for 4 years at a 7.9% interest rate

Answer 1

$598.82

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Answer 2

principal (p)=$1895

time (t)=4years

rate(r)=7.9%

Explanation:

• compound interest amount=p((1+r/100)^t-1)=$1895((1+7.9/100)^4-1)=$1895×((1.355)-1)=$1895×(0.355)=$672.725
• simple interest=ptr/100=$1895×4×7.9/100=$598.82