Solve the problem.Hector borrows $2,500 at a rate of 9% compounded monthly. Find how much Hector owes at the end of 4 years.Use: A = P
ntwhere:A = final amountP = $2,500 (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. $120,900.00
B. $3,578.51
C. $3,936.36
D. $2,575.85
Answer: B
Mathematics
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