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crimeas [40]
3 years ago
6

Gina takes out a loan totaling $5000. The loan has a 5% interest rate that is compounded monthly. What is the total due after 48

months, assuming that she has not made any payments?
Mathematics
1 answer:
dimaraw [331]3 years ago
4 0
Using the formula A=P(1+i/100)^n
where A is the investment/loan after n years, P is the original investment/loan and i% is the interest per annum.

A=5000(1+0.05)^48
A=52006.35
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