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August 22, 2014

August 22, 2014

Posted by **Jasson** on Thursday, July 9, 2009 at 5:47pm.

A small company borrows $50,000 at 11% compounded monthly. The loan is due in 4 years. How much interest will the company pay? Round to the nearest cent.

A)$26,776.12

B)$27,175.47

C)$27,479.90

D)$77,479.9

- High School Math -
**MathMate**, Thursday, July 9, 2009 at 5:57pmHow did you make a guess for your sister?

Did she work it out, in which case there should be details of the work.

You won't be helping her if you gave her the right answer without telling her why or how.

Can she post her answer?

- High School Math -
**Jasson**, Thursday, July 9, 2009 at 6:30pmwell I came up with because I just guessed it that's why i'm here to ask for help becuase I just can't come up with the actual answer. I come up with 22,000

50,000x.11=5500

5500/4=22,000

what am I doing wrong here?

- High School Math -
**Damon**, Thursday, July 9, 2009 at 6:48pmEvery month the principal is increased by (.11/12)principal

or

principal = original principal [1 +(.11/12)]^48 because 4 years is 48 months

so

principal after 48 months = 50,000[1.091666667]^48

=77479.90

and

77479.90-50000 = 27479.90

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