1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Virty [35]
3 years ago
7

You chose a college loan plan that is compounded annually. You take out $10,000 on the loan, and it has an interest rate of 5.75

%. If it takes you six years to pay off the loan, how much money will you have paid back by the end of the six years?

Mathematics
1 answer:
Whitepunk [10]3 years ago
5 0

Answer:

At the end of 6 years, he would have paid $13985.6

Step-by-step explanation:

Initial amount taken as load is $10,000 This means that the principal

P = 10000

It was compounded annually. This means that it was cam pounded once in a year. So

n = 1

The rate at which the principal was compounded is 5.75%. So

r = 5.75/100 = 0.0575

it takes you six years to pay off the loan. So

t = 6

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount of money that you would have paid back by the end of the six years. Therefore

A = 10000 (1+0.0575/1)^1×6

A = 10000(1.0575)^6 = $13985.6

You might be interested in
In a seventh grade class, 14 out of 30 students are boys. In simplest terms, what is the ratio of the number of boys to the numb
Tanya [424]

Answer:

C

Step-by-step explanation:

14 : 16

7 : 8

boys : girls

3 0
2 years ago
Read 2 more answers
If logc81=2 l o g c 81 = 2 , what is the value of c c ?
Alexxx [7]
<span>If logc81=2 then c=9

</span>
8 0
2 years ago
What is the surface area of this figure?
Gelneren [198K]

Answer:

100 inch

Step-by-step explanation:

Multiply 10 by 10

6 0
3 years ago
Ashlyn is selling boxes of cookies for a fundraiser. If she raised $26 selling eight boxes, how much will she raise if she sells
allochka39001 [22]
She raises thirteen dollars
6 0
2 years ago
Read 2 more answers
Lets say that in new yourk the time is 4:36pm , what time will be in jordan
Bas_tet [7]
The time in Jordan will be 11:34 PM because in Jordan they are early for 7 hours.
your answer is 11:34 PM.
hope i helped!!!!!!!!!
3 0
3 years ago
Read 2 more answers
Other questions:
  • Trevor used the time-to-pay-off formula to calculate how many payments it
    13·2 answers
  • Mai wants to make an open top box by cutting out corners of a square piece of cardboard and folding up the sides. The cardboard
    9·1 answer
  • Combine like terms. What is a simpler form of the expression? <br><br> -3(-4y + 3) + 7y
    12·2 answers
  • A digital scale reports a 10kg weight as weighing 8.975kg. which of the following is true?
    12·1 answer
  • A ratio can be simplified.
    13·1 answer
  • Josh made a collage using magazine cut outs from comic books. He used a total of 58 magazine cut outs and 28 cut outs from comic
    12·1 answer
  • Descibe how you regroup when you find the sum of 64+42.
    6·1 answer
  • Which solution is possible: 7+x &lt;19<br> x=4<br> x=12<br> x=13<br> x=19<br> Other:
    10·2 answers
  • 4a+b−5<br><br> A 2<br> B 6<br> C 7<br> D 14
    10·1 answer
  • Find the height of a cylinder with a volume of 720pi ft3 and the radius of 6 ft ​
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!