Answer:
hope this helps you
I will give brainliest to whoever helps me with this question. Also, if you could please explain to me how you solved it I would
appreciate it! (this is Pythagorean Theorem if your wondering).
2 answers:
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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.