Respuesta :
With an APR of 16. 29%, compounded monthly. Rodney owes $1,811. 70 after one year.
What is compound interest?
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods
The formula to calculate the sum due when the interest is compounded monthly is:
[tex]A=P(1+r/n)^{nt}[/tex]
where A is the amount after compounding, P is the principal, r is the rate of interest, n is number of months and t is the tenure.
P= $1,541.05
r=16.29%
n=12
t=1
We can calculate due amount as
[tex]\mathrm{A}=\mathrm{P}\left(1+\frac{\mathrm{r}}{\mathrm{n}}\right)^{\mathrm{nt}} \\\\\\\mathrm{A}=1541.05\left(1+\frac{0.1629}{12}\right)^{12(1)} \\\\\mathrm{A}=1541.05(1.013575)^{12} \\\\\mathrm{~A}=1541.05(1.17556) \\\\\mathrm{A}=\$ 1811.70[/tex]
With an APR of 16. 29%, compounded monthly. Rodney owes $1,811. 70 after one year.
To learn more about compound interest visithttps://brainly.com/question/25857212
