SOLUTION: Calculate the total interest on a loan of k5400 for 2 years at 9.5 % for compounded yearly.

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Question 1035712: Calculate the total interest on a loan of k5400 for 2 years at 9.5 % for compounded yearly.
Answer by LinnW(1048) About Me  (Show Source):
You can put this solution on YOUR website!
For annual interest the formula is (1 + r)^(number of years) * (original amt)
(1 + 9.5%)^2 * 5400
(1.095)^2 * 5400
1.199025 * 5400
k6474.735