Ask Question
5 July, 05:34

Gina takes out a loan totaling $5000. The loan has a 5% interest rate that is compounded monthly. What is the total due after 48 months, assuming that she has not made any payments?

+3
Answers (1)
  1. 5 July, 07:19
    0
    Using the formula A=P (1+i/100) ^n

    where A is the investment/loan after n years, P is the original investment/loan and i% is the interest per annum.

    A=5000 (1+0.05) ^48

    A=52006.35
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Gina takes out a loan totaling $5000. The loan has a 5% interest rate that is compounded monthly. What is the total due after 48 months, ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers