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marin [14]
3 years ago
15

Suppose you borrow $500 and you plan to pay it back all at once in 5 years. You are charged 2% interest compounded monthly.

Mathematics
1 answer:
Mashutka [201]3 years ago
6 0

Answer: $553

Step-by-step explanation: 500(1.0016666)^60

500(1.10507451358)

552.537256789

$553

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