menu
QAmmunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Register
Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question
An amount of $23,000 is borrowed for 13 years at 8.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and
asked
Dec 24, 2023
180k
views
2
votes
An amount of $23,000 is borrowed for 13 years at 8.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar. $0 X S​
Mathematics
college
Raullalves
asked
by
Raullalves
7.0k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
1
vote
Answer: $68,439.73
Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 8.75/100
r = 0.0875 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 23,000.00(1 + 0.0875/1)(1)(13)
A = 23,000.00(1 + 0.0875)(13)
A = $68,439.73
Bryan Herbst
answered
Dec 29, 2023
by
Bryan Herbst
6.4k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
7.4m
questions
10.0m
answers
Other Questions
How do you estimate of 4 5/8 X 1/3
Write words to match the expression. 24- ( 6+3)
Please solve the following equation. x-6x=56
Find the additive inverse of 18/23
What is 25% of 500.00
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search QAmmunity.org