Zach S.

asked • 05/09/21

Find the amount Erica owes at the end of 3 years if ​$6000 is loaned to her at a rate of 7% compounded monthly. Use A=P (1+r/n)^nt

I am confused about how I plug in these numbers. When I submit the answer its wrong but it also gives me a hint

"Remember that the exponential function defined by A=P(1+r/n)^nt models the dollars A owed after P dollars are loaned at an annual rate of interest r compounded n times each year for t years. this function is known as the compound interest formula substitute the values into this formula and solve.

Joel L.

tutor
Did you make both n and t as the exponent or or just the n then multiplied by t? It should be A=(1+r/n)^(nt). (both n and t are exponents.)
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05/09/21

1 Expert Answer

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Joel L. answered • 05/09/21

Tutor
5 (16)

Great Math Tutor!

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