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An amount of \$29000 is borrowed for 15 years at 6.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

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解答

Anamountof$29000isborrowedfor15yearsat6.25%interest,compoundedannually.Iftheloanispaidinfullattheendofthatperiod,howmuchmustbepaidback?

解答

Amount:71999.93
求解步骤
Translate the problem into an equation:A=29000(1+10.0625​)1⋅15
29000(1+10.0625​)1⋅15=71999.93075…
Round to the nearest hundredth:71999.93
Amount:71999.93

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