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If 500 is borrowed with an interest of 21.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year?

Solution

If 500 is borrowed with an interest of 21.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year?

Solution

Amount : 615.72

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.21}{12})^{12 \cdot 1}

500 (1 + \frac{0.21}{12})^{12 \cdot 1} = 615.71965 \dots

Round to the nearest hundredth:

615.72

Amount : 615.72

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