Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

you borrowed $1,690 for 10 months at 5.7% compounded monthly. what is the total you will pay back ?

Sagot :

Given the information, we have the following:

[tex]\begin{gathered} FV=PV(1+r)^n \\ PV=1690 \\ r=\frac{0.057}{12}=0.00475 \\ n=\frac{10}{12} \end{gathered}[/tex]

Then, making the substitution of each value, we have the following:

[tex]FV=1690(1.00475)^{\frac{10}{12}}=1696.68[/tex]

Therefore, the total to pay back is $1696.68

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.