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 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

Which words in the sentence make up the appositive phrase? The winner of the art contest was Tiffany, my youngest cousin. A. was Tiffany B. of the art contes
What unions were open to African Americans in the 1920s?
What activities can you do on Jupiter?!
Help me on this question plz plz
Write a newspaper headline about the Boston tea party from the points of view of a loyalist and a patriot. Explain your headlines.
write the ratio 6 ft to 4yd as a fraction in simplest form.
the ratio of boys to girls at the movie is 4:7. If there are 21 girls, how many boys are at the movie?
Create the shortest poem ever in world history. This you do, your name could be on the Guiness World Records!
Fill in the gaps: .... to the legendary film director Orson Wells, music accounts .... half the work in a movie, mostly without the audience even knowing the na
The area of a square field is 200 square feet. What is the approximate length of each side of the field? Round your answer to the nearest foot.