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Assume 20,000 is borrowed for 14 years at 8.5% interested compouinded annually
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Assume 20,000 is borrowed for 14 years at 8.5% interested compouinded annually

User Alfred Waligo
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1 Answer

2 votes
To solve for one year:
20000 + 0.085(20000)
For 14 years:
20000 + 14(0.085(20000))
20000 + 1.19(20000)
To make it similar:
2.19(20000) = 43800
You now have 43800 dollars, and gained $23800
User Scott Bale
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7.3k points
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