nancybb919 nancybb919

18-06-2020
Mathematics

contestada

Suppose that $2000 is loaned at a rate of 16.5%, compounded semiannually. Assuming that no payments are made, find the amount owed after 7 years. Do not round any intermediate computations, and round your answer to the nearest cent.

Respuesta :

Charmber06 Charmber06

18-06-2020

Answer:

$6298.29

Step-by-step explanation:

2000 x (1+(.165/12))^84, the 84 being the number of months in 7 years

=$6298.2927345

=$6298.29

How many months in 7 years = 84 months

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