Question

ok i tried this and this is as far as i got before i got stuck cuz i need help with using this formula 506.45=250.00(1+0.04/4) and then the 4(9) goes up next to the (1+0.04/4) at the top right hand corner of the problem like where a power would be

Answer 1

what are you trying to do exactly

Answer 2

post the formula and the question please

Answer 3

Scott borrowed $250.00 from a relative for 9 months. He agrees to pay compound interest at the rate of 4% per month.
a. How much interest will he pay his relative when he returns the money at the end of the 9 months? Explain how you solve this problem.
b. Suppose he has to extend the loan and ends up paying a total of $506.45. For how many months did he borrow the money? Explain how you solve this problem this is the problem

Answer 4

and the formula is P = principal amount (the initial amount you borrow or deposit)

r = annual rate of interest (as a decimal)

t = number of years the amount is deposited or borrowed for.

A = amount of money accumulated after n years, including interest.

n = number of times the interest is compounded per year