An amount of $19,000 is borrowed for 12 years at 6% interest, compounded annually. If the loan is paid in full at the end of tha
t period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.
2 answers:
The equation would be 19,000(1.06)^12
the 1.06 is the interest and the ^12 is the amount of years/time
the amount needed to pay back after 12 years is 38,231.73$ ( rounded up )
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