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

A=64340 dollars

Explanation:

A=p(1+r)^t p principal, t= time period, r is the rate

A=21000(1+0.0775)^15= 64339.61

A=64340 dollars