Solve the problem.Letitia borrows $5000 at a rate of 11% compounded monthly. Find how much Letitia owes at the end of 4 years.Use: A = Pntwhere:A = final amountP = $5000 (the amount borrowed)r = 11% = 0.11 (the annual rate of interest)n = 12 (the number of times interest is compounded each year)t = 4 (the duration of the loan in years)

A. $8522.79
B. $242,200.00
C. $7747.99
D. $5185.87


Answer: C

Mathematics

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