If $4000 is borrowed at a rate of 3.75% interest per year, compounded quarterly,

label Algebra
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

If $4000 is borrowed at a rate of 3.75% interest per year, compounded quarterly, find the amount due at the end of the given number of years. (Round your answers to the nearest cent.)

(a)      5 years
 

(b)      7 years
 

(c)      9 years
Apr 4th, 2015

a) $4,000*(1+0.009375)^20=$4,820.71

b) $4,000*(1+0.009375)^28=$5,194.35

c) $4,000*(1+0.009375)^36=$5,596.95

Apr 4th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Apr 4th, 2015
...
Apr 4th, 2015
Oct 18th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer