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Find the amount Erica owes at the end of 2 years if 6500 is loaned to her at a rate of 8 % compounded monthly.

Solution

Find the amount Erica owes at the end of 2 years if 6500 is loaned to her at a rate of 8 % compounded monthly.

Solution

Amount : 7623.77

Solution steps

Translate the problem into an equation:

A = 6500 (1 + \frac{0.08}{12})^{12 \cdot 2}

6500 (1 + \frac{0.08}{12})^{12 \cdot 2} = 7623.77155 \dots

Round to the nearest hundredth:

7623.77

Amount : 7623.77

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