fr

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Populaire Word Problems >

Christopher took out a loan for \$25,690 to purchase a truck. With an annual interest rate of 5.2%, how much would he have paid after 5 years if the interest was compounded monthly?

Solution

C h r i s t o p h er t oo k o u t a l o an f or $25, 690 t o p u rc ha se a t r u c k . Wi t h an ann u a l in t eres t r a t e o f 5.2%, h o w m u c h w o u l d h e ha v e p ai d a f t er 5 ye a rs i f t h e in t eres t w a s co m p o u n d e d m o n t h l y ?

Solution

Amount : 33299.42

étapes des solutions

Translate the problem into an equation:

A = 25690 (1 + \frac{0.052}{12})^{12 \cdot 5}

25690 (1 + \frac{0.052}{12})^{12 \cdot 5} = 33299.42401 \dots

Arrondir à hundredth la plus proche:

33299.42

Amount : 33299.42

Exemples populaires

if 9.8 plus 5.5 times a number equals the sum of the number and 35.4. what is the number You want to have 800,000 when you retire in 15 years. If you can earn 4% interest compounded continuously, how much would you need to deposit now into the account to reach your retirement goal?423% of what number is 88.83 ten is equal to two times a number plus 3.6 Caleb puts 500.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 6 years?