contestada

Your credit card company charges a monthly compound interest rate of 2.5%. If you have an outstanding balance (money that you owe) of $2500, how much would it cost you to pay off this debt 2 years later? (Assuming no additional charges on the credit card.) You can round the answer to the nearest integer.

Respuesta :

facundobuzzetti

Answer:

FV= $4521.81

Explanation:

Giving the following information:

Your credit card company charges a monthly compound interest rate of 2.5%.

Debt= $2500

n= 24 (monthly)

We need to use the following formula to calculate the final value of this debt.

FV= PV*(1+i)^n

PV= present value

FV= 2500*(1+0.025)^24

FV= $4521.81

Otras preguntas