Mathematics, 12.07.2019 18:00 mashedpotatoes28
Kiara takes out a student loan of $4000. she will be charged interest on the loan at a rate of 2.5% compounded monthly. she plans to repay the loan in full at the end of 2 years. what is the amount of interest she will have to pay?
Answers: 1
![\bf A=4000\left(1+\frac{0.025}{12}\right)^{12\cdot 2}\implies A\approx 4000(1.002083)^{24}\implies A\approx 4204.83\\\\[-0.35em] \rule{34em}{0.25pt}\\\\ \stackrel{\textit{amount of interest only}}{4204.83-4000}\implies 240.83](/tpl/images/0081/8391/b1bc8.png)
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Kiara takes out a student loan of $4000. she will be charged interest on the loan at a rate of 2.5%...
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