433,265 views
7 votes
7 votes
Can anyone explain this to me?

Can anyone explain this to me?-example-1
User Onuriltan
by
3.3k points

1 Answer

15 votes
15 votes

Answer:

$7, 657

Explanation:

Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one. The total initial amount of the loan is then subtracted from the resulting value.

User MrBlue
by
2.7k points