An amount of $19,000 is borrowed for 6 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of t
hat period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.
1 answer:
The multiplier for increasing by 7.25% is 1.0725. To get our answer we times the price by the multiplier to the power of the amount of years:
19,000 x 1.0725⁶ ( it's to the power of 6 because of the six years)
= 28,915.94
= $28,916 (to the nearest dollar)
So if the loan is to be paid in full the $28,916 (to the nearest dollar) must be paid back.
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