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Algebra 2 Compound Interest

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You borrowed $59000 for 2 years at 11% which was compounded annually. What total will you pay back?
 Oct 2, 2013

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After one year you will owe $59000 * 1.1
After 2 years you will owe $59000 * 1.1 * 1.1


or using the formula


S = P * (1+i) ^ n
S = 59000 * 1.11 ^ 2
S = 72,693.90
 Oct 2, 2013

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