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

The faces of a polyhedron are the line segments connecting each vertex. a. true b. false

What are the. Delegation Process Steps?

What is the slope-intercept equation of this line? (0,8) (6,-4)

3 over 5 minus (negative 3 over 4 ) its a fraction

PLZ HELP ASAP WILL GIVE BRAINLIEST (08.01)Two lines, A and B, are represented by the following equations: Line A: 2x + y = 6 Line B: x + y = 4 Which statement

Principles of Accounts Question. Transaction--Stock was no longer usable, $350 worth is to be written off. What is the effect on working capital and the effect

How did the founders think the power of the government could be limited?

Computer monitors are very reliable at representing the colors of a photograph. True False

Number 11 step by step asap

What is the probability of getting a multiple of 5 on a spinner numbered 1–10?