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If $200 is borrowed with an interest of 18.0% compounded monthly, what is the total amount of money needed to pay it back in 1 year? Round your answer to the nearest dollar. Do not round at any other point in the solving process; only round your answer.

Respuesta :

Answer:

$239

Step-by-step explanation:

Use the compound interest formula and substitute the given values:

A=$200(1+0.18/12)[tex]^{12(1)}[/tex]

Simplify using the order of operations: A=$200(1.015)[tex]^{12}[/tex]=$200(1.195618171) ≈ $239.

aliamitchellasm

Answer:

239.12

Step-by-step explanation:

A=$200(1+0.1812)12(1).

Simplify using the order of operations: A=$200(1.015)12=$200(1.195618171)≈$239.12.

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