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Popular Word Problems >

Christopher took out a loan for \25, 690 to purchase a truck. With an annual interest rate of 5.2%, how much would he have paid after 5 years if the interest was compounded weekly?

Solution

Solution

Amount : 33313.81

Solution steps

Translate the problem into an equation:

A = 25690 (1 + \frac{0.052}{52})^{52 \cdot 5}

25690 (1 + \frac{0.052}{52})^{52 \cdot 5} = 33313.80573 \dots

Round to the nearest hundredth:

33313.81

Amount : 33313.81

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