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Populaire Word Problems >

The Anderson's took out a loan for 195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

Solution

T h e A n d erso n^{'} s t oo k o u t a l o an f or 195, 000 t o p u rc ha se a h o m e . A t 4.3% in t eres t r a t e co m p o u n d e d ann u a ll y, h o w m u c h w i ll t h ey ha v e p ai d a f t er 30 ye a rs ?

Solution

Amount : 689546.99

étapes des solutions

Translate the problem into an equation:

A = 195000 (1 + \frac{0.043}{1})^{1 \cdot 30}

195000 (1 + \frac{0.043}{1})^{1 \cdot 30} = 689546.98543 \dots

Arrondir à hundredth la plus proche:

689546.99

Amount : 689546.99

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