A bank charges you 8% interest that is compounded monthly. Use the formula A = P . ( 1 +
r/n) nt to Xind the total amount of interest paid for a 10-year loan of $75,000.00 for your
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Given quantity as follow,
r = Interest rate 8%
t = Period or time 10 year
P = 75000
n = 12 month
A = 75000 * (1 + 8/12) ^ 10*12
= 75000 * (0.67)^120
A = 166473.02 Answer
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