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OpenStudy (anonymous):
Interest = $8275 times 13% times 3 years
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OpenStudy (anonymous):
whats the interest?
OpenStudy (anonymous):
its amount(1+%)^time. so its 8275(1+.13)^3 or11,933.97
OpenStudy (anonymous):
what?
OpenStudy (anonymous):
you multiply the interest percentage plus one (1+.13), then you put how ever many years thats loaned out and put it as an exponent, (1+.13)^3 then you multiply that answer by the money borrowed (8275) then you get an answer of 11,933.97, which is the amount of money owed
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