Compound Interest

16. FV = P (1+r/n)^nt

Borrows $7,600 for 2 years at 12% monthly

FV = 7600 (1 + 0.12/12)^2x12

7600(1.01)^24
9649.98 – 7600 = $2,049.98 in interests.

17. FV = 5000(1+0.16/2)^2x6

5000(1.08)^12

12,590.85 – 5000 = $7,590.85 in interests.

18. FV = 11,200(1+0.05/4)^4x3.5

11,200(1.0125)^4x3.5

13,327.49 – 11,200 = $2,127.49 in interests.

19. FV = 7,150(1+0.08/1)^9

7150(1.08)^9

14292.88 – 7150 = $7,142.88 in interests.

20. FV = 15000(1+ 0.09/12)^12x0.75

15000(1.0075)^12x0.75

16043.41 – 15000 = $1,043.41 in interests.

21. FV = 16780 (1+0.08/4)^4x8

16780(1.02)^4x8

31622.59 – 16780 = $14,842.59 in interests.

22. FV = 24500 (1+0.04/1)^1x6

24500(1.04)^1x6

31000.32 – 24500 = $6,500.32 in interests.

23. FV = 4750 (1+0.08/2)^2x4

4750(1.04)^2x4

6500.70 – 4750 = $1,750.7 in interests.

24. FV = 32000(1+0.06/12)^12x2.166

32000(1.005)^12x2.166

36430.71 – 32000 = $4,430.71 in interests.

25. FV = 1800(1+0.08/4)^4x2

1800(1.02)^4x2

2108.99 – 1800 = $308.99 in interests.