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Find the amount Erica owes at the end of 3 years if 5600 is loaned to her at a rate of 7 % compounded monthly.

Solution

Find the amount Erica owes at the end of 3 years if 5600 is loaned to her at a rate of 7 % compounded monthly.

Solution

Amount : 6904.38

Solution steps

Translate the problem into an equation:

A = 5600 (1 + \frac{0.07}{12})^{12 \cdot 3}

5600 (1 + \frac{0.07}{12})^{12 \cdot 3} = 6904.38328 \dots

Round to the nearest hundredth:

6904.38

Amount : 6904.38

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