SOLUTION: I borrowed $400.00 for 1 year at 8% interest compounded quarterly. What is the compound interest?

SOLUTION: I borrowed $400.00 for 1 year at 8% interest compounded quarterly. What is the compound interest?

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Question 335650: I borrowed $400.00 for 1 year at 8% interest compounded quarterly. What is the compound interest?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=400(1+0.08/4)^4
A=400(1.02)^4
A=432.97
interest is $32.97
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