Question

An amount of

31,000 is borrowed for
8 years at 7.75%
interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.


need help please!!!!

Answer 1

They will not let you use calculator for very long on these questions you seriously need to learn this math builds of of itself as you get to more complicated math, this is only algebra wait for calculus.

So using a calculator ( easier for me) 7.75% over 8 years compounded annually from a principal of 31,000 is 56,324.83

Explanation: