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Readme [11.4K]
4 years ago
6

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

that period, how much must be
paid back?
round your answer to the nearest dollar.
Mathematics
1 answer:
Doss [256]4 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

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