An amount of $21,000 is borrowed for 15 years at 7.75% Interest, compounded annually. If the loan is paid in full at the end of

Question

2 years ago

6

that period, how much must be
paid back?
round your answer to the nearest dollar.

1 answer:

Doss [256] · Answer 1 · 2022-01-03T05:48:07+03:00

Doss [256]2 years ago

5 0

Answer:

A=64340 dollars

Step-by-step explanation:

A=p(1+r)^t p principal, t= time period, r is the rate

A=21000(1+0.0775)^15= 64339.61

A=64340 dollars