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

madreJ [45]

3 years ago

8

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:

Nimfa-mama [501] · Answer 1 · 2022-03-19T18:36:20+03:00

Nimfa-mama [501]3 years ago

8 0

Answer: $64,340

Step-by-step explanation:

Because it is a 7.75% increase, simply do 21,000*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775 to get 64339.6179

Hope it helps <3