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18 October, 12:10

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?

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  1. 18 October, 13:26
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    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
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