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The problem presented in the image asks for the amount of money borrowed on July 17, 2010, based on a final loan amount of $6,370.72 paid off on November 25, 2018, with a 2.9% interest rate compounded monthly.

### Step-by-step solution:

1. **Formula**: The formula for compound interest is:
   
   \[
   A = P \left(1 + \frac{r}{n}\right)^{nt}
   \]

   Where:
   - $ A $ is the final amount ($6,370.72).
   - $ P $ is the principal amount (what we need to find).
   - $ r $ is the annual interest rate (2.9% or 0.029).
   - $ n $ is the number of times the interest is compounded per year (monthly, so $ n = 12 $).
   - $ t $ is the time in years (from July 17, 2010, to November 25

What amount of money was borrowed on July 17, 2010, if the final amount is $6,370.72 paid off on November 25, 2018, with a 2.9% interest rate compounded monthly?

Find out how to determine the initial loan amount borrowed on July 17, 2010, using the compound interest formula with a 2.9% interest rate compounded monthly. The final payment of $6,370.72 was made on November 25, 2018. This guide is suitable for students in Grades 10-12.

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