Register
An amount of $19,000 is borrowed for 12 years at 6% 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
219k views
4 votes
An amount of $19,000 is borrowed for 12 years at 6% 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.

User Aminul
by
5.8k points

2 Answers

5 votes
Never mind I was wrong
User Joshua Clark
by
6.3k points
4 votes
the equation would be 19,000(1.06)^12

the 1.06 is the interest and the ^12 is the amount of years/time

the amount needed to pay back after 12 years is 38,231.73$ ( rounded up )
User Rajsite
by
5.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.7m answers

Other Questions

What is 0.12 expressed as a fraction in simplest form
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
What is distributive property ?
What is the measure of xyz
Link Copied!