How much of the payment is interest
Problem
The lawyer for a credit union member has sent a cheque for $1953.53 in full settlement of the member's loan balance including interest at 2-% for 10 months. How much of the payment is interest?
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The lawyer for a credit union member has sent a cheque for $1953.53 in full settlement of the member's loan balance. How much of the payment is interest?
Over what period of time will money triple at 9% compounded quarterly? How many years will it take for a loan of $10,000 to amount to $13,684 at 10.5%.
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