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QUESTION An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded annually. If the loan is paid in full at the end of that period, how much matte paid back? Use the calculator provided
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QUESTION

An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded annually. If the loan is paid in full at the end of that period, how much matte
paid back?
Use the calculator provided and round your answer to the nearest dollar.

User Marius Kjeldahl
by
8.1k points

2 Answers

6 votes

this is a answer of upper question

QUESTION An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded-example-1
User Judyta
by
8.8k points
6 votes

A = P(1 + r/n)^(nt)

A = 34000(1 + .07)^12

A= 57127

User Florian Holzhauer
by
8.2k points
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