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    Compound Interest

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    Zy
    Laurence signed a two-year promissory note on January 8, 2021 to borrow $1,500 at an annual interest rate of 7% compounded annually. Using the compound interest formula, the document calculates that with an initial principal of $1,500, an interest rate of 7% compounded annually over two years, the maturity value at the end of the two years is $1,717.35.

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    Compound Interest

    Uploaded by

    Zy
    6 views5 pages
    Laurence signed a two-year promissory note on January 8, 2021 to borrow $1,500 at an annual interest rate of 7% compounded annually. Using the compound interest formula, the document calculates that with an initial principal of $1,500, an interest rate of 7% compounded annually over two years, the maturity value at the end of the two years is $1,717.35.

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    Laurence signed a two-year promissory note on January 8, 2021 to borrow $1,500 at an annual interest rate of 7% compounded annually. Using the compound interest formula, the document calculates that with an initial principal of $1,500, an interest rate of 7% compounded annually over two years, the maturity value at the end of the two years is $1,717.35.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    6 views5 pages

    Compound Interest

    Uploaded by

    Zy
    Laurence signed a two-year promissory note on January 8, 2021 to borrow $1,500 at an annual interest rate of 7% compounded annually. Using the compound interest formula, the document calculates that with an initial principal of $1,500, an interest rate of 7% compounded annually over two years, the maturity value at the end of the two years is $1,717.35.

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    © All Rights Reserved
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    of 5

    1

    WELCOME TO
    ROOM 113
    Xyrrielle Leron
    BSED Math 1A
    PROMISSOR
    Y NOTE A signed document containing a
    written promise to repay the
    borrowed amount to the lender on
    an agreed date.
    PROMISSORY
    NOTE
    Compound Interest Word Problem 4

    On January 8, 2021, Laurence signs a two years interest- Compound Interest


    bearing promissory note for $1,500 at an interest of 7%
    FV = PV (1 + i )ʱ
    compounded Annually. Calculate the maturity value.
    PV = 1, 500 (1 + 7%)²

    7% p. a Compounded annually PV = 1,500 (1.1449)

    PV = 1, 717.35
    January 8, 2021 Year 1 Year 2
    $1,500
    5

    THANK YOU!

    Leron, Xyrrielle

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