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Popular Word Problems >

Find the amount Erica owes at the end of 5 years if \$5100 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 5 ye a rs i f ​ $5100 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 : 7229.89

Solution steps

Translate the problem into an equation:

A = 5100 (1 + \frac{0.07}{12})^{12 \cdot 5}

5100 (1 + \frac{0.07}{12})^{12 \cdot 5} = 7229.88882 \dots

Round to the nearest hundredth:

7229.89

Amount : 7229.89

Popular Examples

A number less than 18 is 85 what is the number How much interest does a 407 investment earn at 6%over 7 years?twice the difference of a number and 2 A child’s grandparents wish to purchase a bond fund that matures in 18 years to be used for the grandchild’s college education. The bond fund pays 4% interest compounded semi-annually. How much should they purchase so that the bond fund will be worth 85,000 at maturity?Six times a number is 24