SOLUTION: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound interest) at the end of the loan if the interest compounds monthly for 3 years? (
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Question 1159249: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound interest) at the end of the loan if the interest compounds monthly for 3 years? (Round your answer to the nearest dollar.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+0.10/12)^36
=5000+1.348
round at end
=$6740.90 or $6741
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