Rufus took out a 2 year loan for 1500 at an electronics store to be paid back with monthly at a 14.4 apr compounded monthly if the loan offers no payments for the first 4 months how much will rufus owe when he begins making payment?

$1573.31

Step-by-step explanation:

We have been given that an electronics store to be paid back with monthly at a 14.4 APR compounded monthly.    

As Rufus will begin to make payments after 4 months, so we will find the total amount after 4 months using compound interest formula.

, where,

A = Final amount after T years,

P = Principal amount,

r = Interest rate in decimal form,

n = Number of times interest in compounded per year,

T = Time in years.

Let us convert given interest rate in decimal form.

Upon substituting our given values in compound interest formula we will get,

Therefore, Rufus will owe $1573.31 when he begins making payment.

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