Solve the problem.Laura borrows $5000 at a rate of 9% compounded monthly. Find how much Laura owes at the end of 4 years.Use: A = Pntwhere:A = final amountP = $5000 (the amount borrowed)r = 9% = 0.09 (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. $7157.03
B. $5151.70
C. $7872.73
D. $241,800.00


Answer: A

Mathematics

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