I am having difficulty with this question. I know the formulas for calculating compound interest annually, monthly ect however I do not how to apply these to this question:
Q. How much is owed after two years if $2000 is borrowed at 6% per annum compound interest compound monthly and no repayments being made before the end of the two years?
I've started with p= 2000 n= 2 and r= 6
next I did: 2000(1.06)^2 however I was incorrect.
Thank you for any help