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