SOLUTION: . Find the amount owing on a loan of $7400 at the end of 3 years, with interest at 10.9%/annum, compounded monthly.

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Question 394760: . Find the amount owing on a loan of $7400 at the end of 3 years, with interest at 10.9%/annum, compounded monthly.

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

Note: A= p(1-r/n) ^nt

amount owing on a loan of 7400,after 3 years: t = 3

with annual interest=0.109 compounded monthly: n =12 r/n = .009 

amount owing =7400*(1-0.109/12)^(12*3)= $5328.05