A bank charges you 8% interest that is compounded monthly. Use the formula A = P

label Business
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schedule 1 Day
account_balance_wallet $5

A

bank

charges

you

8%

interest

that

is

compounded

monthly.

Use

the

formula

A

=

P

.

(

1

+

r/n)

nt

to

find

the

total

amount

of

interest

paid

for

a

10-°©‐year

loan

of

$75,000.00

for

your

studio.

Jun 19th, 2015

Thank you for the opportunity to help you with your question!

p=75,000

r=8%

t=10

A=75,000(1+0.08/12)^(10x12)

=166,473 dollars

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 19th, 2015

thank you joeljoel you've been a great help!

Jun 19th, 2015

welcome


Jun 19th, 2015

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