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An amount of $19,000 is borrowed for 6 years at 4.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the ca…

An amount of $19,000 is borrowed for 6 years at 4.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the ca…
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An amount of $19,000 is borrowed for 6 years at 4.5% 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.

User Michael Kohler
by
7.5k points

2 Answers

4 votes
$24,130 is paid back in the end, multiple 19000 x .045 and multiply by 6 and add to the original number.
User Maslak
by
7.7k points
3 votes

The loan she will need to pay is
19000(1+4.5/100)^6
=$24743(nearest dollar)
User Tom Wayne
by
8.6k points
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