Suppose that you borrow $30,000 for four vears at 8% for
2 answers:
Use the compound interest formula to solve this problem.
$41,269.98. is the total
The total interest is 11269.98
Monthly payment is 859.79125
41,269.98 divided by 4 is 10317.495
10317.495 divided by 12 is 859.79125
859.79125 times 4 is 41269.98
Answer:
$41269.983
rounded:
$41,269.98
Step-by-step explanation:
well you begin with the equation a=p(1+r/n)
so 30,000(1+0.08/12)to the power of 4 times 12
when you plug all of that in a calculator your receive $41269.983
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