I'm trying to find the equation for this problem. Can anyone help?

Question

Kevin borrowed $2000 from his mother at an interest rate of 5%, compounded monthly. How much does he owe (including the original $2000) at the end of 3 years? Give your answer rounded to the nearest cent.

Answer 1

A=P(1+(r/n))^nt

Where A will be the total amount due

P is the Principal

r is the rate in decimal form

n is the number of times compounded annually

t is the years

P=2000

r=.05

n=12 (because compounding monthly is 12 times per year)

t=3

Plug all that into the equation

A=2000(1+(.05/12))^(12)(3)

A= $2322.94