Business

Question

$1500 at 12% interest for two years

2 Answer

  • 1500*.12*2= $360 in interest
    Total 1860 by the end of 2 years
  • First, convert 12% into a decimal. 12/100 = 0.12
    1500*0.12 = 180. 1500+180 = 1680.
    so it's 1,680 the first year.
    1,680*0.12 = 201.60
     1,680 + 201.60 = 1881.6
    so 1,881.60 the second year!

    So answer is, $ 1,881.60
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