Question

Find the amount paid for the loan.

$1500 at 9% for 2 years

$

Answer 1

The amount paid for the loan of $1500 at 9% for 2 years compound interest is $1782.15

How to determine the amount paid?

The given parameters are:

• Principal, P = $1500
• Rate, r = 9%
• Time, t = 2 years

The amount paid is then calculated using:

$A = P(1 + r)^t$

So, we have:

$A = 1500 * (1 + 9\%)^2$

Evaluate the exponent

A = 1500 * 1.1881

Evaluate the product

A = 1782.15

Hence, the amount paid for the loan is $1782.15

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