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An amount of $24,000 is borrowed for 7 years at 8.75% interest, compounded annually. If the loan is paid in full at the end of that period, how m paid back? Use the calculator provided and round your answer
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An amount of $24,000 is borrowed for 7 years at 8.75% interest, compounded annually. If the loan is paid in full at the end of that period, how m

paid back?
Use the calculator provided and round your answer to the nearest dollar.

User Vineeth Vijayan
by
5.2k points

1 Answer

6 votes

Answer:

43173

Explanation:

24000(1.0875)^7 = 43173.39

User Jaredwolff
by
4.3k points
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