SOLUTION: Suppose that $2000 is loaned at a rate of 19.5%, compounded monthly. Assuming that no payments are made, find the amount owed after 5 years

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Question 1179854: Suppose that $2000 is loaned at a rate of 19.5%, compounded monthly. Assuming that no payments are made, find the amount owed after 5 years
Answer by ikleyn(52772) About Me  (Show Source):
You can put this solution on YOUR website!
.

After 5 years  2000%2A%281%2B0.195%2F12%29%5E%285%2A12%29 = 5260.94  dollars.

Solved.

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For all details and explanations, look into these two lessons
    - Compounded interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.


After reading these lessons, you will tackle such problems on your own without asking for help from outside.

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.


Happy learning (!)