Question

Ivan borrowed $8000 at a rate of 7% , compounded quarterly Assuming he makes no payments, how much will he owe after 6 years? Do not round any intermediate computations, and round your answer to the nearest cent.

Answer 1

Answer:

A = 8000(1 + 0.075/12)12(10)

Compound onterest formula:

A = p(1+r/n)nt

A = final amount

p = initial amount = 8000

r = interest rate = .075

n = # times compounded per year = 12

t = time in years = 10

Hope its hwlp uhh☺☺☺☺