A Bank Charges Interest at a Rate of 21% Per

question 21

Essay

A bank charges interest at a rate of 21% per year, compounded monthly.If a senior in college borrows $4500 from the bank to pay her last tuition bill and intends to pay it 3 years later (after she gets a high-paying engineering job), how much will she have to pay?

---

Definitions:

Dilation

The process of widening, stretching, or expanding.

Fetal Heartbeat

The heart rate of a fetus, which can typically be detected by ultrasound as early as 5-6 weeks of pregnancy.

Stethoscope

A medical instrument for listening to the action of someone's heart or breathing.

Physician

A medical professional trained to diagnose, treat, and prevent illnesses, and provide patient care.