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Find the amount Erica owes at the end of 6 years if 6000 is loaned to her at a rate of 7 % compounded monthly.

Solution

Find the amount Erica owes at the end of 6 years if 6000 is loaned to her at a rate of 7 % compounded monthly.

Solution

Amount : 9120.63

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.07}{12})^{12 \cdot 6}

6000 (1 + \frac{0.07}{12})^{12 \cdot 6} = 9120.63302 \dots

Round to the nearest hundredth:

9120.63

Amount : 9120.63

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