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

asked Feb 14, 2022 97.2k views

2 votes

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4 votes

Answer:

A lot of money LOL

Explanation:

Brian Tingle answered Feb 16, 2022

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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

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