An amount of 17000 is borrowed for 14 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Soluzione

Soluzione

Amount : 35973.55

Fasi della soluzione

Translate the problem into an equation:

A = 17000 (1 + \frac{0.055}{1})^{1 \cdot 14}

17000 (1 + \frac{0.055}{1})^{1 \cdot 14} = 35973.55485 \dots

Arrotondare all' hundredth più vicino:

35973.55

Amount : 35973.55

Esempi popolari

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