Question

Ken Couch is a student at medical school. He borrowed $24,000 for 18 months at the rate of 9% com-
pounded monthly. How much in total. principal plus compound interest, must Ken repay at the end of
the 18 months?

Answer 1

$S=24000\cdot (1+\frac{9}{12\cdot100})^{18}=27455.05$ $.