The amount paid for the loan of $1500 at 9% for 2 years compound interest is $1782.15
How to determine the amount paid?
The given parameters are:
- Principal, P = $1500
- Rate, r = 9%
- Time, t = 2 years
The amount paid is then calculated using:
[tex]A = P(1 + r)^t[/tex]
So, we have:
[tex]A = 1500 * (1 + 9\%)^2[/tex]
Evaluate the exponent
A = 1500 * 1.1881
Evaluate the product
A = 1782.15
Hence, the amount paid for the loan is $1782.15
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