Its for my bf
He has a 4000.00 dollar loan with 9% interest 8 months annually how much would he owe?
I have no idea how to do these problems
thanx
ph yea its a student loan
check out Compound interest - Wikipedia, the free encyclopedia
you need to use this formula
I would say that if the interest is calcualted monthly then the amount that he would owe would be
I calculate that the Amount would be $4218.38