SOLUTION: A small business borrows ​$31,000 for expansion at 7​% compounded monthly. The loan is due in 5 years. How much interest will the business​ pay? (round to the n

Algebra ->  Finance -> SOLUTION: A small business borrows ​$31,000 for expansion at 7​% compounded monthly. The loan is due in 5 years. How much interest will the business​ pay? (round to the n      Log On


   

Question 1099579: A small business borrows ​$31,000 for expansion at 7​% compounded monthly.
The loan is due in 5 years. How much interest will the business​ pay? (round to the nearest cent)
Thank you.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=31000%281%2B%287%2F100%29%281%2F12%29%29%5E%285%2A12%29
F=31000%281.005833%29%5E60
F=31000%281.417625%29
Work that out for the answer.