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 394770: 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 jrfrunner(365) (Show Source): You can put this solution on YOUR website!
loan P=7400
annual interest=0.109
term=3years
compounded monthly
Final =7400*(1-0.109/12)^(3*12)=5328.05
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