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

Algebra ->  Algebra  -> Percentage-and-ratio-word-problems -> SOLUTION: . Find the amount owing on a loan of \$7400 at the end of 3 years, with interest at 10.9%/annum, compounded monthly.       Log On

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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(10682)   (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 ```