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 31,000 is borrowed for 14 years at 4.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solution

A n am o u n t o f 31, 000 i s b orro w e d f or 14 ye a rs a t 4.25% 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 : 55517.08

Solution steps

Translate the problem into an equation:

A = 31000 (1 + \frac{0.0425}{1})^{1 \cdot 14}

31000 (1 + \frac{0.0425}{1})^{1 \cdot 14} = 55517.07605 \dots

Round to the nearest hundredth:

55517.08

Amount : 55517.08

Popular Examples

Serenity invested 2,400 in an account paying an interest rate of 3.4% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 2,930?The sum of three consecutive even integers is 168. Find the integers.Devaughn's age is three times Sydney's age. The sum of their ages is 100. What is Sydney's age?Allison invested 23,000 in an account paying an interest rate of 6.7% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 76,300?The circumference of a circle is 25pi cm. What is the area, in square centimeters? Express your answer in terms of pipi.