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Popular Word Problems >

If 500 is borrowed with an interest of 21.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year?

Solution

I f 500 i s b orro w e d w i t h an in t eres t o f 21.0% co m p o u n d e d m o n t h l y, w ha t i s t h e t o t a l am o u n t o f m o n ey n ee d e d t o p a y i t ba c k in 1 ye a r ?

Solution

Amount : 615.72

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.21}{12})^{12 \cdot 1}

500 (1 + \frac{0.21}{12})^{12 \cdot 1} = 615.71965 \dots

Round to the nearest hundredth:

615.72

Amount : 615.72

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