Asked by Amaya

Suppose you borrow $500 and you plan to pay it back all at once in 5 years. You are charged 2% interest compounded monthly.

What is the total amount you will need to pay when the loan is due?

Round your answer to the nearest dollar.

550?
Answered by Reiny
I answered this for you early this morning.
https://www.jiskha.com/questions/1818962/suppose-you-borrow-500-and-you-plan-to-pay-it-back-all-at-once-in-5-years-you-are

Did you even look at it?
Answered by Kaylee
The answer is 553
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