Reinaldo bought an engagement ring for his girlfriend for $3,500.00 on credit from the store. If he is charged 6.2% interest compounded monthly over the next 3 years, what is the total amount he will have paid for the ring? Round your answer to the nearest cent.

Question

Reinaldo bought an engagement ring for his girlfriend for $3,500.00 on credit from the store.  If he is charged 6.2% interest compounded monthly over the next 3 years, what is the total amount he will have paid for the ring? Round your answer to the nearest cent.

lizz123 · Answer

Do you have the formula?

lizz123 · Answer

Is it:
$$P=Po \left( 1+r/n \right)^{nt}$$

lizz123 · Answer

@bri.xoxo

lizz123 · Answer

Because all you have to insert the information give into formula.

lizz123 · Answer

$$Total~Area=3,500\left( 1+ 6.2% /12 \right)^{\left( 10\times3 \right)}$$