If $200 is borrowed with an interest of 18.0% compounded monthly, what is the total amount of money needed to pay it back in 1 y

Question

3 years ago

10

ear? Round your answer to the nearest dollar. Do not round at any other point in the solving process; only round your answer.

2 answers:

yuradex [85] · Answer 1 · 2022-09-29T19:46:32+03:00

8 0

Something with 200 bro’s

Ierofanga [76] · Answer 2 · 2022-09-29T21:11:58+03:00

3 0

Answer:

$239

Step-by-step explanation:

Use the compound interest formula and substitute the given values:

A=$200(1+0.18/12) $^{12(1)}$

Simplify using the order of operations: A=$200(1.015) $^{12}$ =$200(1.195618171) ≈ $239.