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An amount of $28,000 is borrowed for 9 years at 8.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

An amount of $28,000 is borrowed for 9 years at 8.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
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An amount of $28,000 is borrowed for 9 years at 8.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

User Rittergig
by
7.9k points

2 Answers

0 votes

Answer:

$48,173.58

Explanation:

User Dmitry Z
by
8.2k points
3 votes
The answer will be $48,173.58
User Nick Humrich
by
7.8k points
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