Mathematics, 26.06.2019 00:00 igtguith
Mr chua borrows a sum of money from the bank which charges a compound interest of 4.2% per annum, compounded 6.given that mr chua had to pay 96.60% in the interest payments at the end of the first year, find the original sum of money borrowed, giving your answer correct to the nearest cent
Answers: 1
![\text{Future Value = }Principal\cdot (1+\frac{r}{100\times n})^{n\cdot t}\\\\\text{Substituting this value in equation (1) , We get }\\\\Interest=Principal\cdot (1+\frac{r}{100\times n})^{n\cdot t}-Principal\\\\\implies 96.60=Principal[\cdot (1+\frac{4.2}{100\times 6})^{6\cdot 1}-1]\\\\\implies Principal=\$2246.51](/tpl/images/0017/4756/3e5d2.png)
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Mr chua borrows a sum of money from the bank which charges a compound interest of 4.2% per annum, co...
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