ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the ending balance:$1, 400 at 4% for 60 months
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$1, 456
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$1, 680
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$280
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$1, 703.31
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Explanation:
Detailed explanation-1: -An ending balance is derived by adding up the transaction totals in an account and then adding this total to the beginning balance.
Detailed explanation-2: -If you had a monthly rate of 5% and you’d like to calculate the interest for one year, your total interest would be $10, 000 × 0.05 × 12 = $6, 000. The total loan repayment required would be $10, 000 + $6, 000 = $16, 000.
Detailed explanation-3: -The loan balance calculator is a simple tool that is designed to calculate the remaining balance of your loan.
There is 1 question to complete.