# Mathematics

Faye borrowed \$9600 at 8% per annum compound interest.caculate the interest on the loan for the first year.

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1. A=P(1+r/k) nk
A=\$9600(1+0.08/04)1*4
A=\$9600(1+0.02)1*4
A=\$9600(1.02)1*4
A=\$9600(1.08243216)
A=\$10391.34874
A=\$10391.35(2 d.p)

CI=Amount-principal
=\$10391.35-\$9600
=\$791.35

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2. Was the rate stated as 8% per annum, compounded quarterly?

I would conclude that by looking at your solution.
IF so, then you are correct

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👤
Reiny
3. The question is Faye borrowed \$9600 at 8% per annum compound interest.
I)calculate the interest on the loan for the first year.

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4. 8/100 × 9600/1 = 768

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