Selina Kyle borrows $2,000 for a new grappling-hook gun. If she takes 5years to pay off the loan with 7.25% interest compounded monthly, jow much interest will Selina pay?
I know that the equation should be
A= P (1+r/n) ^(n*t)
I got A for 2,870.70.... but I don't know how to get the interest... how do you do that?
Interest math problems...?
Assuming your $2,870.70 is correct, you just subtract the $2000 cost of the gun from the total amount she has to pay and that is the interest.
($870.70)
Reply:SI=amount(A)-principal(P)
=2870.70-2000
=$870.70
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