en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

An amount of 34,000 is borrowed for 10 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?

Solution

implicit derivative

am o u n t o f 34, 000 i s b orro w e d f or 10 ye a rs a t 5.5% in t eres t, co m p o u n d e d ann u a ll y . I f t h e l o an i s p ai d in f u ll a t t h e e n d o f t ha t p er i o d, h o w m u c h m u s t b e p ai d ba c k ?

Solution

Amount : 58076.91

Solution steps

Translate the problem into an equation:

A = 34000 (1 + \frac{0.055}{1})^{1 \cdot 10}

34000 (1 + \frac{0.055}{1})^{1 \cdot 10} = 58076.91158 \dots

Round to the nearest hundredth:

58076.91

Amount : 58076.91

Popular Examples

The radius of a circle is 4 miles. What is the circumference?Give the exact answer in simplest form.The sum of two numbers is 72, and one number is twice the other. What are the two numbers?If a shirt that costs 35 is on sale for 25% off, what is the sale price?10 less than a number is equal to 15. find the number The different between a number and-7 is grater than-23