Homework Answers
Total amount of interest =
68000*0.05(1+0.06/365)^(365*20) + 71000*0.05(1+0.06/365)^(365*19)+74000*0.05(1+0.06/365)^(365*18) + 77000*0.05(1+0.06/365)^(365*17)+80000*0.05(1+0.06/365)^(365*16) + 83000*0.05(1+0.06/365)^(365*15)+86000*0.05(1+0.06/365)^(365*14) + 89000*0.05(1+0.06/365)^(365*13)+92000*0.05(1+0.06/365)^(365*12) + 95000*0.05(1+0.06/365)^(365*11)+98000*0.05(1+0.06/365)^(365*10) + 101000*0.05(1+0.06/365)^(365*9)+104000*0.05(1+0.06/365)^(365*8) + 107000*0.05(1+0.06/365)^(365*7)+110000*0.05(1+0.06/365)^(365*6) + 113000*0.05(1+0.06/365)^(365*5)+116000*0.05(1+0.06/365)^(365*4) + 119000*0.05(1+0.06/365)^(365*3)+122000*0.05(1+0.06/365)^(365*2) + 125000*0.05(1+0.06/365)^(365*1)
- 10*(2*68000+ 19*3000)*0.05
= 84074.30
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