Kevin borrowed $8000 at a rate of 7.5%, compounded monthly. Assuming he makes no payments, how much

Discussion in 'Calculator Requests' started by math_celebrity, Feb 7, 2017.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    Kevin borrowed $8000 at a rate of 7.5%, compounded monthly. Assuming he makes no payments, how much will he owe after 10 years?

    We want to find 8,000(1.075)^10

    Using our balance calculator, we get:
    $16,488.25
     

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