An amount of 35,000 is borrowed for 7 years at 6.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

الحلّ

An amount of 35, 000 is borrowed for 7 years at 6.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

الحلّ

Amount : 55289.57

خطوات الحلّ

Translate the problem into an equation:

A = 35000 (1 + \frac{0.0675}{1})^{1 \cdot 7}

35000 (1 + \frac{0.0675}{1})^{1 \cdot 7} = 55289.57227 \dots

Round to the nearest hundredth:

55289.57

Amount : 55289.57

أمثلة شائعة

(Rationalize the denominator of) 1/(2+sqrt(3))The sum of two numbers is 50 . The second number is five times the first. Find the numbers. Two numbers are in the ratio 1:11 and their sum is 15 . Find the numbers.A number added to twelve is equal to five times the number.The circumference of a circle is 20pi ft. What is the area, in square feet? Express your answer in terms of pipi.Luther deposited 300.00 into a new savings account that earns 8% interest compounded monthly. How long will it take for the balance to grow to 359.00?Round your answer to the nearest month.