you owe 8000 on a motorcycle loan the bank charges a compound interest rato 10.9% poor per year per year if you don't make any payments on the loan how much will you owe after 5 years round to your nearest whole cent
I=P(1+(r/n))^nt I is the value owed r is the rate in a decimal n is the times compounded (annually =1, quarterly =4, monthly =12 etc.) t is time invested I=8000(1+(.109/1))^5x1 I=8000(1.109)^5 I=8000(1.67748) $13419.84
