Question

Ben made some home improvements for $9,375 using a six-month deferred payment plan with an interest rate of 19.42%. What is the balance after the deferment period if no payments are made?

$10,322.95
$9,375.00
$11,195.63
$10,244.95

I know it's B = P (1 + i)^nt... but I can't get it right!!

Answer 1

try using 0.5 as exponent

Answer 2

What do you mean?

Answer 3

A=P(1+r)^t
A=9375(1.1942)^0.5

Answer 4

I think that works! :D THANKS!

Answer 5

thanks for the medal :D

Answer 6

Welcome... :)