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If 4000 is borrowed at a rate of 5.75% interest per year, compounded quarterly, find the amount due at the end of 3 years

Solution

If 4000 is borrowed at a rate of 5.75% interest per year, compounded quarterly, find the amount due at the end of 3 years

Solution

Amount : 4747.25

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.0575}{4})^{4 \cdot 3}

4000 (1 + \frac{0.0575}{4})^{4 \cdot 3} = 4747.25365 \dots

Round to the nearest hundredth:

4747.25

Amount : 4747.25

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