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Beliebt Word Problems >

An amount of \$37, 000 is borrowed for 14 years at 4.75 interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Lösung

A n am o u n t o f $37, 000 i s b orro w e d f or 14 ye a rs a t 4.75 in t eres t, co m p o u n d e d ann u a ll y . I f t h e l o an i s p ai d in f u ll a t t h e e n d o f t ha t p er i o d, h o w m u c h m u s t b e p ai d ba c k ?

Lösung

Amount : 37004.75

Schritte zur Lösung

Translate the problem into an equation:

A = 37000 + 4.75

Vereinfache

A = 37000 + 4.75

Amount : 37004.75

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