Solve the problem.
-Hector borrows $2,500 at a rate of 9% compounded monthly. Find how much Hector owes at the end of 4years. A = final amountP = $2,500 (the amount borrowed)r = 9% = 0.09 (the annual rate of interest)n = 12 (the number of times interest is compounded each year)t = 4 (the duration of the loan in years)
A)$3,578.51
B)$3,936.36
C)$120,900.00
D)$2,575.85

Question

Solve the problem.
-Hector borrows $2,500 at a rate of 9% compounded monthly. Find how much Hector owes at the end of 4years.  A = final amountP = $2,500 (the amount borrowed)r = 9% = 0.09 (the annual rate of interest)n = 12 (the number of times interest is compounded each year)t = 4 (the duration of the loan in years)
A)$3,578.51 
B)$3,936.36 
C)$120,900.00 
D)$2,575.85

Quizplus · Accepted Answer

The Answer of Solve the problem.
-Hector borrows $2,500 at a rate of 9% compounded monthly. Find how much Hector owes at the end of 4years.  A = final amountP = $2,500 (the amount borrowed)r = 9% = 0.09 (the annual rate of interest)n = 12 (the number of times interest is compounded each year)t = 4 (the duration of the loan in years)
A)$3,578.51 
B)$3,936.36 
C)$120,900.00 
D)$2,575.85

Solve the Problem. -Hector Borrows $2,500 at a Rate of 9% Compounded Monthly