Step-by-step explanation:
Given:
P=60,000
j=1.2% or .012
t= 10
m=12
n= mt
=12(10)
= 120
i= j/m
=0.012/12
=0.001
F= P(1+i)^n
=60,000(1+0.001)^120
Final amount = 67,645.75
I=F-P
=67,645.75 - 60,000
Interest = 7,645.75
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Answers & Comments
Step-by-step explanation:
Given:
P=60,000
j=1.2% or .012
t= 10
m=12
n= mt
=12(10)
= 120
i= j/m
=0.012/12
=0.001
F= P(1+i)^n
=60,000(1+0.001)^120
Final amount = 67,645.75
I=F-P
=67,645.75 - 60,000
Interest = 7,645.75