Question

Xiang borrowed $3500 from a bank that charges 3% interest compounded monthly. Find the amount Xiang must pay back after 18 years.

Answer 1

https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

Answer 2

Oh thank you that helped a lot, I got $6,001.98

Answer 3

@minoz would that also work for this problem? In the year 2000, the population of Mexico was about 100 million, and it was growing by 1.53% per year. At this growth rate, the function  gives the population, in millions, x years after 2000. Using this model, in what year would the population reach 116 million? Round your answer to the nearest year.

Answer 4

the growth rate being f(x)=100(1.0153)^x

Answer 5

i mean function

Answer 6

keep n=1 in that formula
calculate for t
p=100,A=116

Answer 7

you are right :)