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A loan of $2000 is taken at a rate of 6% per annum. What will be the compound in
Practice Questions
Q1
A loan of $2000 is taken at a rate of 6% per annum. What will be the compound interest after 2 years?
$240
$252
$300
$280
Questions & Step-by-Step Solutions
A loan of $2000 is taken at a rate of 6% per annum. What will be the compound interest after 2 years?
Steps
Concepts
Compound Interest
– The interest calculated on the initial principal and also on the accumulated interest from previous periods.
Formula Application
– Understanding and applying the compound interest formula: A = P(1 + r/n)^(nt).
Time Period
– Recognizing the impact of the time period on the calculation of compound interest.
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