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Find the amount of money owed at the end of 3 years if 2700 is borrowed at 1.5% per year compounded monthly and no payments are made on the loan.

Solución

Find the amount of money owed at the end of 3 years if 2700 is borrowed at 1.5% per year compounded monthly and no payments are made on the loan.

Solución

Amount : 2824.2

Pasos de solución

Translate the problem into an equation:

A = 2700 (1 + \frac{0.015}{12})^{12 \cdot 3}

2700 (1 + \frac{0.015}{12})^{12 \cdot 3} = 2824.19585 \dots

Round to the nearest hundredth:

2824.2

Amount : 2824.2

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