Mr Rag is a buisiness man in at the Sao Paolo main market. He took a loan of 200,000 bucks from a bank for 3 yrs at 3.5% per month. Find the compound interest.


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Question Number 40237 by Rio Mike last updated on 17/Jul/18

$M r R a g i s a b u i s i n e s s m a n i n$ $a t t h e S a o P a o l o m a i n m a r k e t .$ $H e t o o k a l o a n o f 200, 000 b u c k s$ $f r o m a b a n k f o r 3 y r s a t 3 . 5 %$ $p e r m o n t h . F i n d t h e c o m p o u n d$ $i n t e r e s t .$
Commented by Rio Mike last updated on 17/Jul/18

$G u y s h o w d o i u s e t h e f o r m u l a r$ $p {(1 + \frac{r}{100})}^{n} w h e r e$ $p = p r i n c i p a l$ $r = r a t e$ $n = t i m e ?$
Commented by MJS last updated on 17/Jul/18

$n m u s t b e t h e t i m e$
Commented by Rio Mike last updated on 17/Jul/18

$s o h o w d o i g o a b o u t t h e s o l v i n g$ $i f C I = A - P$ $w h e r e A = a m o u n t$
Commented by Rio Mike last updated on 17/Jul/18

$i t s i^{'} m k i n d a c o n f u s e d t o o$
	Answered by MJS last updated on 17/Jul/18

	$sorry I misread before$ $if {it}^{'} s per month we have$ $200000 \times {(1 + \frac{3.5}{100})}^{36} = 690053.22$ $the compound interest is$ $200000 \times {(1 + \frac{3.5}{100})}^{36} - 200000 \times (\frac{3.5}{100}) \times 36 =$ $= 690053.22 - 252000 = 438053.22$
	Commented by Rio Mike last updated on 17/Jul/18

	$t h a n k s s i r$
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