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A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle…

A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle…
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A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle in one lump sum. What is the total payment?

User Ron Ballard
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1 Answer

2 votes

Answer: $8,052,550

Step-by-step explanation:

$5,000,000(1+0.1)^5= $8,052,550

User Coleen
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