1 year ago

Shen borrowed $8000 at a rate of 17%, compounded quarterly. Assuming he makes no payments, how much will he owe after 6 years?

Mathematics

1 answer:

nevsk [136]1 year ago

7 0

224,640
(8,000*1.17)(6*4) due to quarterly interest
(8,009*1.17)(24)
(9,360)(24)
9,360*24=224,640

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Shen borrowed $8000 at a rate of 17%, compounded quarterly. Assuming he makes no payments, how much will he owe after 6 years?​

Shen borrowed $8000 at a rate of 17%, compounded quarterly. Assuming he makes no payments, how much will he owe after 6 years?