hazefreedom1502 hazefreedom1502

04-03-2021
Mathematics

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

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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

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