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Popolare Word Problems >

Find the amount Erica owes at the end of 22 years if 6200 is loaned to her at a rate of 4 % compounded monthly.

Soluzione

F in d 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 22 ye a rs i f ​6200 i s l o an e d t o h er a t a r a t e o f 4 % co m p o u n d e d m o n t h l y .

Soluzione

Amount : 14925.72

Fasi della soluzione

Translate the problem into an equation:

A = 6200 (1 + \frac{0.04}{12})^{12 \cdot 22}

6200 (1 + \frac{0.04}{12})^{12 \cdot 22} = 14925.71965 \dots

Arrotondare all' hundredth più vicino:

14925.72

Amount : 14925.72

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