Question: demand loan for $ 9 8 9 1 . 8 3 with interest at 8 . 3 % compounded quartely is repaid after 9 years,

demand loan for $

9891.83

with interest at

8.3 %

compounded quartely is repaid after

9

years,

11

months. What is the amount of interest paid? The interest is the difference between the maturity value and the principle for compound interest the formula for the future value is given below FV

=

(1 +

)^

n and the product rate of interest I can be found using the formula shown below where J is nominal annual rate of interest and M is the number of compounding period per year i

=

/

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