Answer
$\$10003.92$.
Work Step by Step
Let the money owed $=A$.
The given values are
Time $t=5\;years$.
Borrowed $P=\$8400$.
Rate of interest $r=3.5\%=0.035$.
Number of periods $n=12$.
Formula $A=P(1+\frac{r}{n})^{nt}$.
Substitute all values into the formula.
$A=8400(1+\frac{0.035}{12})^{12\cdot 5}$.
Simplify.
$A=8400(1+0.00291666666)^{ 60}$
$A=8400(1.00291666666)^{ 60}$
$A=10003.92$.
