Hazefreedom1502go Hazefreedom1502go

Mathematics

Answered

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

Answer :

Samuelonum1go Samuelonum1go

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

Go Teaching: Other Questions

Currently, The US Interest Rate Is At 2% Annually. How Long It Will Take An Investor To Make 10% Of Money From An Investment If The Bank Pays Simple Interest

What Are The Maximum And Minimum Of The Function F(x) = 0.9 I -(x - 5) I + 7 ? A. Maximum At (5,7) And Minimum At (0,0) B. Minimum At (5,7) And No Maximum C. Mi

Add And/or Remove Commas Where Necessary In This Extract. Successive Governments Have Consistently Failed To Ring-fence A Significant Annual Fund For Cycling Pr

SCALCET8 3.9.015. A Street Light Is Mounted At The Top Of A 15-ft-tall Pole. A Man 6 Ft Tall Walks Away From The Pole With A Speed Of 4 Ft/s Along A Straight Pa

Qual Número Atômico Do Ferro?

1.3 Hectoliters Is How Many Liters

Plzz Help Me Out I Really Need Help

Robert Decides To Actually Set Up His Business. He Has $30,000 In His Business account. He Decides To Buy Some Baking Equipment For His Catering, So That He can

Drag Each Tile To The Correct Location. Match Each Question To The Correct Strategy For Delivering A Negative Message. Sending The Fifth Reminder To A Customer

La Capacidad Calorífica Específica Del Aluminio Es 0.9 J/g. C°, Determine Cuánta Energía Se Necesita Para Incrementar La Temperatura De Un Bloque De Aluminio De

Chang Knows One Side Of A Triangle Is 13 Cm. Which Set Of Two Sides Is Possible For The Lengths Of The Other Two sides Of This Triangle? 5 Cm And 8 Cm 6 Cm And

Help And Explain Too (using Elimination To Solve Systems Of Equations ) !!!!!