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If you borrow $1500 with a compounding interest rate of 8% for 2 years, that compounds semi-annually. How much will you pay back in total at the end of 2 years
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13 votes
13 votes
If you borrow $1500 with a compounding interest rate of 8% for 2 years, that compounds semi-annually. How much will you pay back in total at the end of 2 years

User Jacob King
by
2.9k points

1 Answer

17 votes
17 votes

Answer:

1740

Step-by-step explanation:

1500(1+
(8)/(100))^2

1500*(
(27)/(25))^2

= 1749.6

User Alexander Wigmore
by
2.7k points
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