A homeowner is using a personal loan to borrow $18,000 to replace the roof. The loan offers the option of making no payments for the first 12 months, during which the interest is compounded monthly at an annual rate of 4.5%. What is the total account balance at the end of the year?

Answer rating: 100% (QA)

In this scenario the interest is compounded monthly which means the interest earned eac... View the full answer