hazefreedom1502 hazefreedom1502

04-03-2021
Mathematics

contestada

Find the amount Erica owes at the end of 3 years if $6400 is loaned to her at a rate of 7% compounded monthly.

Respuesta :

samuelonum1 samuelonum1

05-03-2021

Answer:

$7840

Step-by-step explanation:

Given data

P=6400

r=7%

t= 3 years

The compound interest expression is given as

A= P(1+r)^t

Substitute

A= 6400(1+0.07)^3

A= 6400(1.07)^3

A= 6400*1.225

A= $7840

Hence at the end of 3 years she owes $7840

Answer Link

Otras preguntas

Two identical billiard balls are rolling toward each other at the same speed. What will be true after they collide head–on? They will both stop rolling immed

The formula for potential elastic energy E of spring is given by equation E = ½ kx2 Where x is the extension of the spring. What are the base unit of k?

My birthday is may 5th in korean how to say

How did the enlightenment thinkers affect historical documents?

The term that programmers use to describe objects that cannot be changed is --------------------------.

what is the solution set of the equation (x -2) (x-a) = 0 ?

A barrel had 20 liters of water. Water leaked out from the barrel at a constant rate. After 24 hours, 14 liters of water was left in the tank. How many liters o

To convert dog years to human year, count 21 human years for the first two dog years and then 4 human years per dog year for each dog year thereafter. Write an

What two benefits do you receive from owning stock?

What did Muhammad's first revelation instruct all Muslims to do