Question

Un industrial obtiene un préstamo de $ 15.000, al 23% anual por el lapso de 5 años. Calcular el monto a la finalización de este tiempo

Answer 1

Answer:

$18,781.5

Step-by-step explanation:

According to the problem, calculation of the given data are as follows,

Loan amount (P) = $15,000

Rate of interest (r) = 23%

Time (t) = 5 years

Let this loan is compounding annually, then the amount after 5 years can be calculated as follows,

Final amount = P  $(1 + ( r/t))^{t}$

by putting the value in formula, we get

= $15,000 (  $(1 + ( 0.23/5))^{5}$

= $15,000 × 1.2521

= $18,781.5