Register
A bank made a farmer a loan of $1,400 at 15% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for
175k views
3 votes
A bank made a farmer a loan of $1,400 at 15% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period?

User Jason Dias
by
5.4k points

1 Answer

3 votes

Answer: The principal amount is P=$1000P=$1000. •

Explanation:

User Kuby
by
5.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.7m questions

7.4m answers

Other Questions

Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
What is the value of x? (-4) - x = 5
Can someone help me with 5??? ASAP?
1/7 + 3/14 equivalent fractions
185g in the ratio 2:3
Link Copied!