Please solve this math equation

Question

Ryan borrowed $8000 at a rate of 13.5% compounded monthly assuming he makes no payments how much will he owe after 10 years do not round any intermediate computations and round your answer to the nearest cent

Answer 1

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

where: A = the final amount

P = the principal amount (the initial amount borrowed)

r = the annual interest rate (as a decimal)

n = the number of times the interest is compounded per year

t = the time (in years)

In this case,

we have: P = $8000 r = 13.5% = 0.135 (since it's an annual rate) n = 12 (since the interest is compounded monthly) t = 10

So, plugging in these values into the formula, we get:

A = $8000(1 + 0.135/12)^(12*10)

= $8000(1.01125)^120

= $8000(3.06981)

= $24,558.45

Therefore, after 10 years, Ryan will owe $24,558.45, rounded to the nearest cent.

Answer 2

A= 8000(1+.135/12)^12(10)

= 8000(1.01125)^120

use a calculator

= $30,627.68 round off to nearest cent

at 13.5% compounded monthly for 10 years

general formula is

A=P(1+r/n)^nt where r= annual rate of interest, n= number of compounding periods

t = years, P = starting Principal. A = ending Amount

P=8000, r= 13.5% = .135, n=12, A=30627.68