(a) a photography student borrows rm2 500 to buy a camera. the bank loans this money at a rate of 9 % capitalized monthly. what amount will the student have to reimburse two years later?

The student will have to reimburse 2,991.03 two years later.

Step-by-step explanation:

This is a compound interest problem:

The compound interest formula is given by:

In which A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this problem, we have that:

A is the amount the student will have to reimburse two years later.

P is his loan. so

The bank loans this money at a rate of 9 % capitalized monthly. This means that and , since the money is compounded monthly, this means, 12 times in a year.

He will have to reimburse two years later, so

The student will have to reimburse 2,991.03 two years later.

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$649.60

step-by-step explanation: