April 18, 2014

Homework Help: Math! plz help!

Posted by Thara! on Saturday, March 20, 2010 at 6:01pm.

Rebecka borrowed $3500, 5000, 3500,& 4500 from her dad on September 1 of each of four successive years for college expenses. Rebecka and her dad agreed to a loan at the rate of 8.75% compounded quarterly. If it is now 2 years from the last day that she borrowed money, how much woruld Rebecka owe?
The correct answer is $22,352.25
but i got the wrong answer, and the formula for this question is


n= mt
= 8





then i sum all up and i get $19,646.19 and the answer should be $22,352.25

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