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GarryVolchara [31]
2 years ago
14

Roy borrows $42,000 to purchase a new truck. How much will Roy need to pay in all if the interest is compounded annually at 3.5%

for 10 years? (5 points) $43,125.00 $63,624.00 $59,245.15 $51,709.00
Mathematics
1 answer:
sveta [45]2 years ago
6 0
The formula to determine yearly compound interest is 

a= p(1+r) ^{t}

a- amount 
p- Is the principal the principal is the amount borrowed
r- is the rate
t- is the time

We will input all the numbers from our question into the formula. 

a= 42,000(1+0.035) ^{10}

Our rounded calculation is <span>59245.15

Roy will have to pay </span>59245.15 
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