Lamar borrowed S8000 at a rate of 13%, compounded quarterly. Assuming he makes no payments, how much will he owe after 10 years
Do not round any intermediate computations, and round your answer to the nearest cent.

$28 753.61

Step-by-step explanation:

We will use the formula for total amount after compound interest.

"A" means final amount.

"P" means principal (starting amount).

"i" is interest, using

"n" is number of compounding periods, using

"r" is the annual interest rate as a decimal.

"t" is the time in years.

"c" is the compounding periods in a year. (annual = 1, quarterly = 4, etc...)

You can rewrite as a combined formula:

What we know:

P = 8000

r = 13%/100 = 0.13

c = 4

t = 10

Substitute into the formula:

Simplify

Solve the exponent

      Sometimes this step is not needed

             Unrounded answer

Round to two decimal places (for cents).

                 Final Answer

Therefore, Lamar will owe $28 753.61 after 10 years.

The amount he needs to pay is $ 28753.61.

Step-by-step explanation:

Given,

Principal (P) = $ 8000

Time (T) = 10 years

Rate of interest (R) = 13%

The payment will be quarterly so, n = 4

To find the amount of compound interest.

Formula

Amount =

Now,

Putting the values of P, T, n and R we get,

Amount = 8000(

= 28753.61 (approx)

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step-by-step explanation:

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