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An amount of $41,000 is borrowed for 7 years at 7.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
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19 votes
19 votes
An amount of $41,000 is borrowed for 7 years at 7.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

User Bernd Jendrissek
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1 Answer

18 votes
18 votes
I=prt
I= 41,000 * 0.075 * 7
41,000 * 0.075 * 7 = 21,525
Answer= 21,525
User Constantino
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