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Math Help - Personal Finance math review help

  1. #1
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    Personal Finance math review help

    1. Suppose you borrow $2500 for 3 years at 6.5% compounded quartlerly.

    a) What is the amount you must repay?

    b) how much intrest will you pay?

    need help solving this, thanks.
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  2. #2
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    Joined
    Nov 2009
    Posts
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    so i don't no if im doing this write, guide me if im not...

    The equation you use to solve this is A=P(1+i)^n

    A=?
    P=$2500
    i= .065/4= 0.1625
    n= (3) (4)=12

    then plug the numbers into the equation,

    A=2000(1+0.1625)^12

    Im i doing this right?
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