Good grief NO, that is not even a reasonable guess!
i = .02/12 = .0016666.. (don't round, keep in your calculator)
n = 5(12) = 60
amount = 500(1.0016666..)^60 = .....
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.
$1100?
3 answers
so... what is it?
Oh nvm- its $553
k thanks bye ~
k thanks bye ~
2 answers