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Popular Word Problems >

If 5,000 is borrowed with an interest of 12.3% compounded semi-annually, what is the total amount of money needed to pay it back in 3 years?

Solution

I f 5, 000 i s b orro w e d w i t h an in t eres t o f 12.3% co m p o u n d e d se mi - ann u a ll y, w ha t i s t h e t o t a l am o u n t o f m o n ey n ee d e d t o p a y i t ba c k in 3 ye a rs ?

Solution

Amount : 7153.03

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.123}{2})^{2 \cdot 3}

5000 (1 + \frac{0.123}{2})^{2 \cdot 3} = 7153.02915 \dots

Round to the nearest hundredth:

7153.03

Amount : 7153.03

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