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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]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

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