1000 points calculations and round your answer to 2 decimal

10.00 points calculations and round your answer to 2 decimal places, e.g., 32.16.) Section 53 Comparing Rates The Efect

Solution

Interest for first year is 2,187.29

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	a	b	c= b/12	d= a*c	e= a+d
Month	Opening balance	Interest per year	Interest per month	Interest for month	Closing balance
1	18,500.00	3.80%	0.316667%	58.58333333	18,558.58
2	18,558.58	3.80%	0.316667%	58.76884722	18,617.35
3	18,617.35	3.80%	0.316667%	58.95494857	18,676.31
4	18,676.31	3.80%	0.316667%	59.14163924	18,735.45
5	18,735.45	3.80%	0.316667%	59.3289211	18,794.78
6	18,794.78	3.80%	0.316667%	59.51679602	18,854.29
7	18,854.29	18.70%	1.558333%	293.8127557	19,148.11
8	19,148.11	18.70%	1.558333%	298.3913378	19,446.50
9	19,446.50	18.70%	1.558333%	303.0412695	19,749.54
10	19,749.54	18.70%	1.558333%	307.7636626	20,057.30
11	20,057.30	18.70%	1.558333%	312.5596464	20,369.86
12	20,369.86	18.70%	1.558333%	317.4303675	20,687.29
	Total interest			2,187.29