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An amount of $45,000 is borrowed for 9 years at 3.5% 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
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An amount of $45,000 is borrowed for 9 years at 3.5% 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.
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User Wayne Wang
by
7.7k points

1 Answer

2 votes
I = prt... I = (45000)(.035)(9) = $14,175
So 45,000+14175 = $59,175 must be paid back
User Nicholas
by
8.8k points
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