Question

You borrow $200 from a relative for six months. You agree to pay compound interest at

the rate of 1% per month. How much interest will you pay your relative when you return the
money at the end of the six months?
a.
$201.00
c.
$12.30
b.
$11.66
d.
$210.00

Answer 1

Answer: D (210.00)

Explanation:

According to the formula of compound INTEREST this is correct