SOLUTION: Find the interest charged on a loan of Php10,900 for 3 years at 7% compounded semiannually.

SOLUTION: Find the interest charged on a loan of Php10,900 for 3 years at 7% compounded semiannually.

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Question 1171663: Find the interest charged on a loan of Php10,900 for 3 years at 7% compounded semiannually.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The amount at the end of the three years is 10900(1+(0.07/2))^6=13398.88
that means the interest was 2498.88 Php
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Also (1+0.035)^6-1 multiplied by the original principal.
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