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    jrm1025's Avatar
    jrm1025 Posts: 6, Reputation: 1
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    #1

    Sep 18, 2007, 06:55 PM
    Compound interest
    James wants to take out a loan. Suppose he can afford to make monthly payments of 100 dollars and the bank charges interest at an annual rate of 10 percent, compounded monthly.

    What is the maximum amount that James could afford to borrow if the loan is to be paid off eventually?
    Lowtax4eva's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
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    #2

    Sep 18, 2007, 09:08 PM
    Why not show us how far you have been able to solve this on your own and I'm sure someone will point you in the right direction.
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