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Popular Word Problems >

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

solve for

t h e am o u n t E r i c a o w es a t t h e e n d o f 2 ye a rs i f 6500 i s l o an e d t o h er a t a r a t e o f 8 % co m p o u n d e d m o n t h l y .

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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