Yee Miao Ling's answer to Kathy's Secondary 4 E Maths Singapore question.
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For the compound interest qn,use the compound int formula (should be in formula sheets during exams).
First find out the yearly interest rate which is 2% x12. Convert that to decimal, as per the formula.
Then calculate how many months the loan is for,which is 10 months. Typically t should be in years and n is the num of times interest is compounded per year
Since interest is compounded monthly. It would be compounded 12 times per year. N =12.
10 months is 10/12 = 5/6 of a year. Which is t.
Then just compute. :)
First find out the yearly interest rate which is 2% x12. Convert that to decimal, as per the formula.
Then calculate how many months the loan is for,which is 10 months. Typically t should be in years and n is the num of times interest is compounded per year
Since interest is compounded monthly. It would be compounded 12 times per year. N =12.
10 months is 10/12 = 5/6 of a year. Which is t.
Then just compute. :)
Date Posted:
5 years ago