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

Question

Paha777 [63]

3 years ago

7

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.

Mathematics

2 answers:

Natasha_Volkova [10] · Answer 1 · 2022-04-11T06:03:51+03:00

Natasha_Volkova [10]3 years ago

6 0

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 )

lina2011 [118] · Answer 2 · 2022-04-11T07:31:52+03:00

lina2011 [118]3 years ago

6 0

Never mind I was wrong