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A loan of $20,000 is made at 5.75% interest, compounded annually. After how many years will the amount due reach $31,000 or more? (Use the calculator provided if necessary.) Write the smallest possible
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A loan of $20,000 is made at 5.75% interest, compounded annually. After how many years will the amount due reach

$31,000 or more? (Use the calculator provided if necessary.)
Write the smallest possible whole number answer.

User Qamar Zaman
by
4.3k points

1 Answer

3 votes

Answer:

8 years ($31,280.45)

Explanation:

User Shubham Chaudhary
by
4.9k points
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