Solve the Problem $A = P \left( 1 + \frac { r } { n } \right) ^ { \text {nt } }$

question 15

Multiple Choice

Solve the problem.
-Laura borrows $5000 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 4 years. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { \text {nt } }$ where:
$\mathrm { A } =$ final amount
$\mathrm { P } = \$ 5000$ (the amount borrowed)
$r = 9 \% = 0.09$ (the annual rate of interest)
$\mathrm { n } = 12$ (the number of times interest is compounded each year)
$t = 4$ (the duration of the loan in years)

• A)$241,800.00
• B)$7157.03
• C)$7872.73
• D)$5151.70

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