Respuesta :
He paid $23,570.90.
The formula for compound interest is:
[tex]A=p(1+\frac{r}{n})^{nt}[/tex],
where A is the total amount including interest, p is the amount borrowed, r is the interest rate written as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years. Substituting our information we have:
[tex]A=18000(1+\frac{0.0676}{12})^{12*4} \\ \\=23570.90[/tex]
The formula for compound interest is:
[tex]A=p(1+\frac{r}{n})^{nt}[/tex],
where A is the total amount including interest, p is the amount borrowed, r is the interest rate written as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years. Substituting our information we have:
[tex]A=18000(1+\frac{0.0676}{12})^{12*4} \\ \\=23570.90[/tex]
