SOLUTION: If $4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years. Thank you

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Question 47661This question is from textbook College Algebra
: If $4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years.
Thank you This question is from textbook College Algebra

Found 2 solutions by venugopalramana, Nate:
Answer by venugopalramana(3286) About Me  (Show Source):
You can put this solution on YOUR website!
If $4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years.
A=P(1+R/100N)^NT.......P=4000 $.......T=6 YEARS.....R=16%......N=4
A=4000(1+16/400)^(4*6)=10253.22

Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
P(A) = A(1 + r/n)^(tn)
P(A) = 4000(1 + 0.16/4)^(24)
P(A) = 4000(1.04)^24 = 10,253.22