Question

Rita borrowed 8000 at a rate of 10.5% compounded monthly assuming she makes no payments how much willshe owe after8 years

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$8000\\ r=rate\to 10.5\%\to (10.5)/(100)\to &0.105\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve times} \end{array}\to &12\\ t=years\to &8 \end{cases} \\\\\\ A=8000\left(1+(0.105)/(12)\right)^(12\cdot 8)`