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Popolare Word Problems >

Find the amount Erica owes at the end of 2 years if 6500 is loaned to her at a rate of 8 % compounded monthly.

Soluzione

F in d t h e am o u n t E r i c a o w es a t t h e e n d o f 2 ye a rs i f 6500 i s l o an e d t o h er a t a r a t e o f 8 % co m p o u n d e d m o n t h l y .

Soluzione

Amount : 7623.77

Fasi della soluzione

Translate the problem into an equation:

A = 6500 (1 + \frac{0.08}{12})^{12 \cdot 2}

6500 (1 + \frac{0.08}{12})^{12 \cdot 2} = 7623.77155 \dots

Arrotondare all' hundredth più vicino:

7623.77

Amount : 7623.77

Esempi popolari

the sum of two consecutive integers is-11 5 years from now Steven will be twice as old as Miguel.The current sum of the ages of Steven and Miguel is 83.How old is Miguel right now?what number is 70% of 120 Five years after Jari’s age now doubles, he will be 27. How old is Jari now?7540 is greatest number and 4057 is the smallest number