SOLUTION: Suppose that $2000 is loaned at a rate of 16.5% , compounded monthly. Assuming that no payments are made, find the amount owed after 9 years. Do not round any intermedia

SOLUTION: Suppose that $2000 is loaned at a rate of 16.5% , compounded monthly. Assuming that no payments are made, find the amount owed after 9 years. Do not round any intermedia

Algebra.Com

Question 1078761: Suppose that
$2000
is loaned at a rate of
16.5%
, compounded monthly. Assuming that no payments are made, find the amount owed after
9
years.
Do not round any intermediate computations, and round your answer to the nearest cent.

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
2000*(1+(.165/12))^108, the 108 being the number of months in 9 years
=$8741.05
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