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Popular Word Problems >

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?

Solution

implicit derivative

am o u n t o f $29000 i s b orro w e d f or 15 ye a rs a t 6.25% 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 : 71999.93

Solution steps

Translate the problem into an equation:

A = 29000 (1 + \frac{0.0625}{1})^{1 \cdot 15}

29000 (1 + \frac{0.0625}{1})^{1 \cdot 15} = 71999.93075 \dots

Round to the nearest hundredth:

71999.93

Amount : 71999.93

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