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

Question

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] · Answer 1 · 2022-07-16T13:37:02+03:00

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