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Question: Computers & Technology

Xiang borrowed $4500 from a bank that charges 3% interest compounded monthly. Find the amount Xiang must pay back after 19 years

In Computers & Technology | Asked by amutha3
Answers

Try using this equation
A=P[1+(R/100)]^n
where A=Amount of money after n years
P=principal
R=rate percent
n=number of years

A=4500[1+(3/100)]^19
A=4500*(1+0.03)^19
A=4500*1.03^19
A=4500*1.7535
A=7,890.777
A=$7890.78

bhuvaneswari | 1056 days ago