Question

An amount of 27,000 is borrowed for 5 years at 5.75% interest compound annually. If the loan is paid in full at the end of that period, how much must be paid back

Answer 1

34,762.50

Step-by-step explanation:By taking the total amount which is 27,000 dividing it by the rate annually which is 5.75% multiply it by the years which is 5 years you will get the total amount which will be paid back.