Boris borrowed $8000 at a rate of 11%, compounded quarterly. Assuming he makes no payments, how much will he owe after 6 years?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

Greg Beech asked Jun 3, 2022

251,445 views

34 votes

Boris borrowed $8000 at a rate of 11%, compounded quarterly. Assuming he makes no payments, how much will he owe after 6 years?

Mathematics
college

Greg Beech asked Jun 3, 2022

by Greg Beech

2.6k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

2 Answers

25 votes

Answer:

A lot of money LOL

Explanation:

EricBellDesigns answered Jun 5, 2022

by EricBellDesigns

3.0k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

7 votes

Answer:

Explanation:

assuming the 11% was a nominal rate

8000(1+(.11)/(4))^(4*6)=15341.0088385

which i guess you could round to 15341

Clonejo answered Jun 9, 2022

by Clonejo

2.9k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

2 Answers

0 Comments

Your comment on this answer:

0 Comments

Your comment on this answer:

Other Questions