Question 1008271

${{{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(1+R/N)^(nt)}}}

{{{A=6250(1+0.09/12)^(12*3)}}}

{{{A=6250(1+0.0075)^(36)}}}

{{{A=6250(1.0075)^(36)}}}

{{{A=6250(1.3086453709165336437514553)}}}

{{{A=8179.033568228335273446595625}}}

${{{A=8179.03}}}