Final answer:
To calculate the amount that will be paid back at the end of the term, use the formula for compound interest: A = P(1+r/n)^(nt), where A is the total amount to be paid back, P is the principal amount borrowed, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
Step-by-step explanation:
To calculate the amount that will be paid back at the end of the term, we need to use the formula for compound interest: A = P(1+r/n)^(nt), where A is the total amount to be paid back, P is the principal amount borrowed, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. In this case, P = $101, r = 6%, n = 12 (compounded monthly), and t = 7. Plugging these values into the formula, we get:
A = $101(1+0.06/12)^(12*7) = $101(1.005)^84 = $141.58.
Therefore, you will pay back a total of $141.58 at the end of the term.