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If 200 is borrowed with an interest of 18.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year?

Solution

If 200 is borrowed with an interest of 18.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year?

Solution

Amount : 239.12

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.18}{12})^{12 \cdot 1}

200 (1 + \frac{0.18}{12})^{12 \cdot 1} = 239.12363 \dots

Round to the nearest hundredth:

239.12

Amount : 239.12

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