Question

An amount of $21,000 is borrowed for 15 years at 7.75% Interest, compounded annually. If the loan is paid in full at the end of that period, how much must be

paid back?
round your answer to the nearest dollar.

Answer 1

Answer: $64,340

Explanation:

Because it is a 7.75% increase, simply do 21,000*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775 to get 64339.6179

Hope it helps <3