Question Number 40237 by Rio Mike last updated on 17/Jul/18
$${Mr}\:{Rag}\:{is}\:{a}\:{buisiness}\:{man}\:{in} \\ $$$${at}\:{the}\:{Sao}\:{Paolo}\:{main}\:{market}. \\ $$$${He}\:{took}\:{a}\:{loan}\:{of}\:\mathrm{200},\mathrm{000}\:{bucks} \\ $$$${from}\:{a}\:{bank}\:{for}\:\mathrm{3}\:{yrs}\:{at}\:\mathrm{3}.\mathrm{5\%} \\ $$$${per}\:{month}.\:{Find}\:{the}\:\boldsymbol{{compound}} \\ $$$$\boldsymbol{{interest}}. \\ $$
Commented by Rio Mike last updated on 17/Jul/18
$${Guys}\:{how}\:{do}\:{i}\:{use}\:{the}\:{formular} \\ $$$$\boldsymbol{{p}}\:\left(\mathrm{1}\:+\:\frac{\boldsymbol{{r}}}{\mathrm{100}}\right)^{\boldsymbol{{n}}} \:\boldsymbol{{where}}\: \\ $$$$\boldsymbol{{p}}=\:\boldsymbol{{principal}} \\ $$$$\boldsymbol{{r}}=\:\boldsymbol{{rate}} \\ $$$$\boldsymbol{{n}}=\boldsymbol{{time}}? \\ $$
Commented by MJS last updated on 17/Jul/18
$${n}\:{must}\:{be}\:{the}\:{time} \\ $$
Commented by Rio Mike last updated on 17/Jul/18
$${so}\:{how}\:{do}\:{i}\:{go}\:{about}\:{the}\:{solving} \\ $$$${if}\:{CI}\:=\:{A}\:−\:{P} \\ $$$${where}\:{A}={amount} \\ $$
Commented by Rio Mike last updated on 17/Jul/18
$${its}\:{i}'{m}\:{kinda}\:{confused}\:{too} \\ $$
Answered by MJS last updated on 17/Jul/18
$$\mathrm{sorry}\:\mathrm{I}\:\mathrm{misread}\:\mathrm{before} \\ $$$$\mathrm{if}\:\mathrm{it}'\mathrm{s}\:\mathrm{per}\:\mathrm{month}\:\mathrm{we}\:\mathrm{have} \\ $$$$\mathrm{200000}×\left(\mathrm{1}+\frac{\mathrm{3}.\mathrm{5}}{\mathrm{100}}\right)^{\mathrm{36}} =\mathrm{690053}.\mathrm{22} \\ $$$$\mathrm{the}\:\mathrm{compound}\:\mathrm{interest}\:\mathrm{is} \\ $$$$\mathrm{200000}×\left(\mathrm{1}+\frac{\mathrm{3}.\mathrm{5}}{\mathrm{100}}\right)^{\mathrm{36}} −\mathrm{200000}×\left(\frac{\mathrm{3}.\mathrm{5}}{\mathrm{100}}\right)×\mathrm{36}= \\ $$$$=\mathrm{690053}.\mathrm{22}−\mathrm{252000}=\mathrm{438053}.\mathrm{22} \\ $$
Commented by Rio Mike last updated on 17/Jul/18
$${thanks}\:{sir} \\ $$