Given:
Principal amount = 5,000
interest rate = 6.25%
number of times the interest is compounded per year; 12 times, monthly
terms = number of years; 5 years, 60 months
A = P (1 + r/n)^nt
A = 5,000 (1 + .0625/12)^12*5
A = 5,000 (1 + 0.005)⁶⁰
A = 5,000 (1.35)
A = 6,750
6,750 / 60 months = 112.50 per month
The colonies wanted to break away from Great Britian. ... Colonists protesting the taxes passed by Parliament. The colonists had to follow British laws and had to do whatever the King of England and Parliament told them to do. The colonists wanted to be able to control their own government.