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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

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