Use the formula for compound interest to find out the total amount of interest when P = $37,172 , r = 0.058, n= 12 (monthly) , t= 48.5 years

jiwekeegi

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2022-09-03

Use the formula for compound interest to find out the total amount of interest when P = $37,172 , r = 0.058, n= 12 (monthly) , t= 48.5 years

Answer & Explanation

gypePlealeLertv

gypePlealeLertv

Beginner2022-09-04Added 9 answers

Solve:
Principal ( P ) = $ 37 , 172 r = 0.058 n = 12 Time ( t ) = 40.5  years Compound monthly Amount = P ( 1 + γ n ) n t = 37172 ( 1 + 0.058 12 ) 12 × 40.5 Amount = 37172 ( 12.058 12 ) 502 Amount = $ 615096.72

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