Answer:
$6386.1140
Step-by-step explanation:
Using the compound interest formula :
A = P(1 + r/n) ^nt
P 5500 ; rate, r = 10% = 0.10 ; t = 18 months = 18/12 = 1.5 years,
Compounding times per period = 12 (monthly)
A = 5500(1 + 0.1/12)^12*1.5
A = 5500(1 + 0.0083333)^18
A = 5500(1.0083333)^18
A = 5500 * 1.1611116
A = 6386.1140
Hence, amount to be repaid = $6386.1140
