spiritsoars54 wrote:Principal: $1400, Rate: 16%, Compounded: Quarterly, Time: 6 years.

The formula: MV=P(1 + r/n) nt

r = yearly interest rate

n = number of periods the interest is compounded per year

t = term of the loan in years

I think the equation should be:

{ also written as MV = P(1 + r/n)^(nt) }

If so, just plug in the values given, bearing in mind that 16% =

, and quarterly means 4 times a year.

The

part is the

exponent (or power), which in this case means multiply whatever is in the parentheses (round brackets) by itself

times.

The caret symbol, ^, can be used to denote the exponent when proper formatting isn't available, e.g. x² can be written as x^2.

DAiv