An amount of $38,000 is borrowed for 13 years at 7% interest, compounded annually. If the loan is paid in full at the end of
1 answer:
You might be interested in
Solution of the equation:
Step-by-step explanation:
The equation that we have to solve in this problem is:
The first step to do is to rewrite the mixed fractions as improper fractions. We have:
And
So the equation becomes
Now we multiply by 4 each term on both sides, and we get
Now we subtract 29 from both sides,
And finally, we divide both sides by 4:
Learn more about equations:
#LearnwithBrainly