<PRE><B>Question 1133119</B>
The compound interest formula is
:
A = P * (1 +(r/n))^(nt), where P is the principal amount, r is the rate, n is the number of times the interest is compounded per year, t is the time in years and A is the future value of the loan including interest.
:
For this problem, P is $9000, r is 0.128, n is 12 and t is 5 years(60/12)
:
A = 9000 * (1 +(0.128/12))^(12*5) = 17010.5769 is approximately 17010.58
:
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The total amount Hannah will pay over the 60 months is $17,010.58
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:
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