Question

How much would $500 invested at 6% interest compounded monthly be
worth after 5 years? Round your answer to the nearest cent.

A(t) = P (1+r/n)nt

Answer 1

The interest: $1080.00

If you borrowed the money, you would now owe $1580.00

If you loaned someone the money, you would now be due $1580.00.

Hopefully this helps!