Peter borrows $6,250 at a rate of 10% compounded semiannually. Find how much Peter owes at the end of 3 years. Use: A=P(1+(r)/(n))n where: A= final amount P=$6,250 (the amount borrowed ) r=10%=0.1 (the annual rate of interest ) n=2 (the number of times interest is compounded each year ) t=3 (the duration of the loan in years )

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To find out how much Peter owes at the end of 3 years we can use the fo... View the full answer