Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27

## Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27

# 1 Answer

Assuming you need to figure out how much she will need to repay, you need to know when she took out the loan, and how often or when the bank adds interest. The first time interest is calculated, you will need to multiply her interest rate, as a decimal (9% would be 0.09) by the original loan amount, and add it to the original amount for your answer. Every other time, you take the amount from before (including added interest) then multiply by the rate, and add to the amount from before to get your answer. So if she took out the loan on Jan 2, and the bank rather cruelly adds interest every day after that, you will have to do this for the third through 27th, or 25 times. If the question is how much will she have to pay in interest, take that final answer, and subtract the original amount from it.

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