An amount of 40.000 is borrowed for 6 years at 5% interest, compounded annually If the loan is paid in full at the end of that p
eriod, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.
1 answer:
Answer:
A = $56,740
Step-by-step explanation:
Use the Compound Amount formula A = P(1 + r)^t. Substitute 0.05 for r and $40,000 for P:
A = $40,000(1 + 0.05)^6
A = $56,740.26, or, rounded off to the nearest dollar,
A = $56,740
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Step-by-step explanation:
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