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Compound Interest

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This item is taken from IGCSE Mathematics (0580) Paper 03 of October/November 2009.

To deal with this item, let us summarize the details of the problem:
   (a) Syllabus area: Algebra
   (b) Specific topic: Compound Interest

   (c) Formula Needed:
IGCSE,mathematics,examination,Cambridge,percentages,algebra,basic math,business math,rate,investment,lending,bank,money
Let us identify first the given in the problem:
IGCSE,mathematics,examination,Cambridge,percentages,algebra,basic math,business math,rate,investment,lending,bank,money
Now, using the formula for compound interest, we can now find the total amount.
IGCSE,mathematics,examination,Cambridge,percentages,algebra,basic math,business math,rate,investment,lending,bank,money
Therefore, Peter owes $5962.32 from the bank after two (2) years.

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