Twenty people get into an elevator in a hotel with seven floors, and all of them get off at some point. How many different possi
1 answer:
You might be interested in
Answer:
$25,193.17
Explanation:
Given:
• Principal Felipe borrowed, P=$8000
,• Annual Interest Rate, r=16.5%=0.165
,• Compounding Period, k=12 (Monthly)
,• Time, t=7 years
We want to determine how much he will owe after 7 years.
In order to carry out this calculation, use the compound interest formula below:
Substitute the values defined above:
Finally, simplify and round to the nearest cent.
After 7 years, Felipe will owe $25,193.17.