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3241004551 [841]
3 years ago
6

Jane Smith took out a loan for $40,000 to pay for her child's education. The loan would be repaid at the end of eight years in o

ne payment with interest of 12%. What is the total amount Jane has to pay back at the end of the loan?
Mathematics
1 answer:
EleoNora [17]3 years ago
8 0

Answer:

99 038.52 USD

Step-by-step explanation:

In order to solve this question we have to use the compound interest formula

A = P*(1+i)ˆn

A: final amount including principal

P: principal amount

i: interest per year

n: total number of years

A = 40000 (1+0.12)ˆ8

A = 99 038.52 USD

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