using compound interest formula

what would be the amount owed after 1 year if $27,000 was borrowed at 5.5% compounded monthly

( ASSUME NO REPAYMENTS HAVE BEEN MADE)

FV = PV(1 + r)^n

r = 0.055 / 12 = 0.00458

n = 12 months in a year

FV = 27,000(1.00458^12) = $28,523.01

using compound interest formula

what would be the amount owed after 1 year if $27,000 was borrowed at 5.5% compounded monthly

( ASSUME NO REPAYMENTS HAVE BEEN MADE)