Homework Help: college math

Posted by kerry on Monday, October 8, 2012 at 9:29pm.

1. Rebecka borrowed $500, $5,000, $3,500, and $2,000 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 3.50% compounded monthly. If it is now 1 year from the last day that she borrowed money, how much would Rebecka owe? For full marks your answer(s) should be rounded to the nearest cent.
The correct answer is: $11,952.25, but im not sure how to get to the answer

college math - Reiny, Monday, October 8, 2012 at 10:34pm
i = .035/12 = .00291666..

amount = 500(1.00291666..)^48 + 5000(1.00291666..)^36 + 3500(1.00291666..)^24 + 2000(1.00291666..)^12
= 11952.25

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