tony is taking a 5 year loan in the amount of $15,000. The interest is continuously compounded at an annual rate of 7%. How much

Question

insens350 [35]

3 years ago

11

tony is taking a 5 year loan in the amount of $15,000. The interest is continuously compounded at an annual rate of 7%. How much

will he owe, in dollars, at the end of the loan term?

Mathematics

2 answers:

kobusy [5.1K] · Answer 1 · 2022-08-14T08:05:36+03:00

kobusy [5.1K]3 years ago

7 0

Answer:

$21,038.28

Step-by-step explanation:

Use the equation 15000(1.07)^5 since 1.07 equals to 7% and you are loaning more money to Tony's account for 5 years. You should get $21,038.28 as your result.

Anna35 [415] · Answer 2 · 2022-08-14T09:46:52+03:00

Anna35 [415]3 years ago

7 0

Answer: 21286

Step-by-step explanation: