An amount of 34,000 is borrowed for 10 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solución

An amount of 34, 000 is borrowed for 10 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solución

Amount : 58076.91

Pasos de solución

Translate the problem into an equation:

A = 34000 (1 + \frac{0.055}{1})^{1 \cdot 10}

34000 (1 + \frac{0.055}{1})^{1 \cdot 10} = 58076.91158 \dots

Round to the nearest hundredth:

58076.91

Amount : 58076.91

Ejemplos populares

The radius of a circle is 4 miles. What is the circunferencia?Give the exact answer in simplest form.The sum of two numbers is 72, and one number is twice the other. What are the two numbers?If a shirt that costs 35 is on sale for 25% off, what is the sale price?10 less than a number is equal to 15. find the number The different between a number and-7 is grater than-23