Question

you borrowed $59,000 for 2 years at 11% which was compounded semi annually. what total will you pay back?

Answer 1

$72,693.90

Explanation:

1) Use the formula:

5900(1+.11/1)²

2) We next get this:

59000(1.11)²

3) Which then is this equation:

59000 · 1.2321

4) We finally get to the answer of $72,693.90

*Remember, this answer is rounded decimals