Jake took a loan of $3,400 for his house. The interest for the loan is 16% compounded annually. How much does he have to pay back after 1 year?
1 Answer
Jul 26, 2017
$544
Explanation:
As this is one year only, the compound interest doesn't really come into play. You can just work out 16% of 3400 and that is the interest. If it was two years, then you would be working out 16% of the new total after the first year which would be
