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Popular Word Problems >

Find the amount Erica owes at the end of 6 years if 6000 is loaned to her at a rate of 7 % 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 6 ye a rs i f 6000 i s l o an e d t o h er a t a r a t e o f 7 % co m p o u n d e d m o n t h l y .

Solution

Amount : 9120.63

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.07}{12})^{12 \cdot 6}

6000 (1 + \frac{0.07}{12})^{12 \cdot 6} = 9120.63302 \dots

Round to the nearest hundredth:

9120.63

Amount : 9120.63

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