Koolzei Koolzei

24-05-2021
Mathematics

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Karen borrowed a sum of money for some big screen TVs and a waterfall for her restaurant. If she borrowed $10,200 and received a 3.85 % interest rate compounded continuously, how much did Karen pay in interest over a 7 year period? Round your answer to the nearest whole number

Respuesta :

madethisfortwitch1 madethisfortwitch1

24-05-2021

Answer:

3155

Step-by-step explanation:

Continously compounding interest formula:

PV*e^(rt)

10200*e^(.0385*7)=13354.95825

To find the amount of interest paid subtract the original amount

13354.95825-10200=3154.958249

which rounds to

3155

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