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earnstyle [38]
2 years ago
6

An amount of $40,000 is borrowed for 11 years at 7 5% interest compounded annually. If the loan is paid in full at the end of th

at period, how much myst be paid back?
​
Mathematics
1 answer:
valina [46]2 years ago
6 0

Amount to be paid back = $ 88,624.36

<u>Step-by-step explanation:</u>

Principal amount = $ 40,000

Rate of interest = 7.5%

Number of years = 11

A=P\left(1+\frac{r}{n}\right)^{n t}

Plugin the values as,

A=40000\left(1+\frac{7.5}{100}\right)^{11}

A=40000(1+0.075)^{11}

A=40000(1.075)^{11}

A=\$ 88,624.36

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