You lend out S5500 at 10% compounded monthly. If the debt is repaid in 18 months, what is the total owed at the time of repayment?

Matthew Leffler asked May 16, 2023

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Matthew Leffler asked May 16, 2023

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14 votes

Answer:

Explanation:

Answer:

$6386.1140

Explanation:

Using the compound interest formula :

A = P(1 + r/n) ^nt

P 5500 ; rate, r = 10% = 0.10 ; t = 18 months = 18/12 = 1.5 years,

Compounding times per period = 12 (monthly)

Fromthestone answered May 20, 2023

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