Question

Help ASAP algebra 1, simple question, need assistance

Answer 1

To calculate the total amount that must be paid back for a loan of $33,000 borrowed for 7 years at 6.5% interest, compounded annually, we can 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 (initial loan amount) = $33,000
r is the annual interest rate (in decimal form) = 6.5% = 0.065
n is the number of times the interest is compounded per year = 1 (compounded annually)
t is the number of years = 7

Plugging in the values, we get:

A = $33,000(1 + 0.065/1)^(1*7)

A = $33,000(1 + 0.065)^7

Using a calculator, we can evaluate the expression inside the parentheses first:

(1 + 0.065) ≈ 1.065

Substituting this back into the formula, we have:

A ≈ $33,000(1.065)^7

A ≈ $33,000(1.504441)

Calculating further:

A ≈ $49,451.63

Rounding to the nearest dollar, the amount that must be paid back is approximately $49,452.

Answer 2

$51282

Explanation:

N = A (1 + increase) ^n

Where N is future amount, A is initial amount, increase is percentage increase/decrease, n is number of mins/hours/days/months/years.

for our question:

amount paid back = 33,000 (1.065)^7

= $51282 to nearest dollar