Question

Mark got a loan of $77000 which he will complete repayment in

Answer 1

Answer:

A  =  $94652.66

Step-by-step explanation:

Use the compound amount formula   A = P(1 + r/n)^(nt), where r is the annual interest rate and n is the number of compounding periods per year.

Here, A = ($77000)(1 + 0.07/2)^(2*3), or

          A = $77000(1.035)^6, or

          A  =  $77000(1.229), or

           A  =  $94652.66