Scott borrowed $250 from a relative for 9 months. He agreed to pay compound interest at the rate of 4% a month.
a. How much interest will he pay his relative when he returns the money at the end of the 9 months? Explain how you solve this problem
b. Suppose Scott has to extend the loan to 10 months rather than 9 months. How much additional interest would he pay for the last month of the loan? Explain how you solve this problem.
My answer is $355 but the correct answer is $355.83 how did the get the .83?