Talking about simple interestand total amount in MATH pls..help..?

Question

A man borrowed $ 10,000, at annual interest rate of 9 % with the understanding that interest was to paid monthly. However, the borrower did not make the monthly interest paymant and so the principal with interest at 9 % compounded monthly was due at the end of the year. What was the amount due??...

I believe the formula is : A = P(1+i) to exponent of "n"
where
n = tm
i = r/m

But i don't know howto solve it....
:(

Answer 1

hmmm....don't you just have to plug the number in?

P = present value = 10,000
i = interest = 9%
n = 1 year (since they didn't mention in here, just say that he made the payment at the end of the year)

FV = 10,000(1 + .09) ^ 1
= 10,000 (1.09)
= 10,900 total amount due at the end of the year

Answer 2

Take 10,000 and multiply by .09. This equals 900. This the monthly payment. If he needs to pay for 12 months. Multiply 900 times 12. 10,800.

Answer 3

The monthly interest is (9/12)% or 0.0075. If no payments are made until the end of the year,
A = $10,000(1.0075)^12
A ≈ $10,000(1.09380690)
A ≈ 10,938.07