SOLUTION: Find the amount Erica owes at the end of 2 years if $5700 is loaned to her at a rate of 7% compounded monthly.

SOLUTION: Find the amount Erica owes at the end of 2 years if $5700 is loaned to her at a rate of 7% compounded monthly.

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Question 1102652: Find the amount Erica owes at the end of 2 years if $5700 is loaned to her at a rate of 7% compounded monthly.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Compound interest formula
P=Po(1+.07/12)^12*2, Po(1+r/n)^nt, n is number of compoundings per year and t the number of years. r is rate.
This is $6553.89. Round at the end.
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