An amount of 4700 is borrowed for 5 years at 6.75% interest, compound annually.If the loan is paid in full at the end of that pe
riod,how much must be paid back
1 answer:
A=p (1+r)^t
A amount paid at the end of 5 years
P amount borrowed 4700
R interest rate 0.0675
T time 5 years
A=4,700×(1+0.0675)^(5)
A=6,515.34
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