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An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back? round to th…

An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back? round to th…
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An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back?

round to the nearest dollar

User Wottle
by
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1 Answer

5 votes
P = 41,000(1.05)^5
P = 41,000(1.27628)
P = 52,327
User Leo Kuttoor
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7.9k points
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