SOLUTION: Hello, Please help!! :) Laura burrows $6250 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 3 years. Use... A=P(1+R/N)^nt Round to two decimal p

Algebra ->  Quadratic-relations-and-conic-sections -> SOLUTION: Hello, Please help!! :) Laura burrows $6250 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 3 years. Use... A=P(1+R/N)^nt Round to two decimal p      Log On


   

Question 1008271: Hello, Please help!! :)
Laura burrows $6250 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 3 years. Use...
A=P(1+R/N)^nt
Round to two decimal places.

THANK YOU!!
Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!

$A = final amount
$P+=+6250 (the amount borrowed)
r+=+9% or r=+0.09 (the annual rate of interest)
n+=+12 (the number of times interest is compounded each year, monthly)
t+=+3 (the duration of the loan in years)

A=P%281%2BR%2FN%29%5E%28nt%29
A=6250%281%2B0.09%2F12%29%5E%2812%2A3%29
A=6250%281%2B0.0075%29%5E%2836%29
A=6250%281.0075%29%5E%2836%29
A=6250%281.3086453709165336437514553%29
A=8179.033568228335273446595625
$A=8179.03