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Popular Word Problems >

Find the amount of money owed at the end of 3 years if 2700 is borrowed at 1.5% per year compounded monthly and no payments are made on the loan.

Solution

solve for

t h e am o u n t o f m o n ey o w e d a t t h e e n d o f 3 ye a rs i f 2700 i s b orro w e d a t 1.5% p er ye a r co m p o u n d e d m o n t h l y an d n o p a y m e n t s a re ma d e o n t h e l o an .

Solution

Amount : 2824.2

Solution steps

Translate the problem into an equation:

A = 2700 (1 + \frac{0.015}{12})^{12 \cdot 3}

2700 (1 + \frac{0.015}{12})^{12 \cdot 3} = 2824.19585 \dots

Round to the nearest hundredth:

2824.2

Amount : 2824.2

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