SOLUTION: On January 5, Sydel borrowed 28,000 from Steph at 8% compounded
quarterly for 6 years and 4 months. How much would she pay then?
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Question 1193424: On January 5, Sydel borrowed 28,000 from Steph at 8% compounded
quarterly for 6 years and 4 months. How much would she pay then?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
this is P=Po(1+r/t)^nt
=28000(1+.02)^25.33
the 0.02 is the rate per quarter, 0.08/4
25.33 are the number of quarter years in 6 years and 4 months
46,238.14 is what is needed to be paid. Round at the end.
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