An amount of $32,000 is borrowed for 10 years at 5.75% Interest, compounded annually. If the loan is paid in full at the end of
that period, how much must be
paid back?
Use the calculator provided and round your answer to the nearest dollar.
5
?
1 answer:
Answer:
Total cost of the loan $55,969.8.-
Step-by-step explanation:
Giving the following information:
An amount of $32,000 is borrowed for 10 years at 5.75% Interest, compounded annually.
<u>To calculate the total cost of the loan, we need to use the Future Value (FV) formula:</u>
<u></u>
FV= PV*(1 + i)^n
PV= loan
i= interest rate
n= number of periods
FV= 32,000*(1.0575^10)
FV= $55,969.8
You might be interested in
One eighth of forty eight is six
Hope I got it right for your sake.
Answer:
12 vans : 8 trucks
Step-by-step explanation:
12/3=4
8/2=4
therefore this would be your answer.
25/3= 8.33 25/2=12.5
2/3- 0.66 2/2=1
8/3= 2.66
12/2=6
Hope this helps
Answer:
T stands for time
Step-by-step explanation:
That equals 2 sweetheart. Your not dumb at all everyone has the potential
