Answer:
 $558.68
Step-by-step explanation:
The amount of each monthly payment is given by the amortization formula:
 A = P(r/n)/(1 -(1 +r/n)^(-nt)
where P is the principal borrowed, r is the annual rate, n is the number of times per year interest is compounded, and t is the number of years.
We want to find nA where we have n=12, r=0.21, t=1, P=500. Filling in these values, we get ...
 nA = Pr/(1 -(1 +r/n)^-n) = $500(0.21)/(1 -1.0175^-12) = $558.68
The total amount needed to repay the loan in 1 year is $558.68.
Answer:
$615.72
Step-by-step explanation:
Use the compound interest formula and substitute the given value: A=$500(1+0.21/12)^12(1)
Simplify using order of operations: A=$500(1.0175)^12=$500(1.231439315)
=$615.72
