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 17,000 is borrowed for 14 years at 7.5% 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 17, 000 i s b orro w e d f or 14 ye a rs a t 7.5% 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 : 46791.55

Solution steps

Translate the problem into an equation:

A = 17000 (1 + \frac{0.075}{1})^{1 \cdot 14}

17000 (1 + \frac{0.075}{1})^{1 \cdot 14} = 46791.54883 \dots

Round to the nearest hundredth:

46791.55

Amount : 46791.55

Popular Examples

72/8 a ration number?the sum of two numbers is zero. when 15 times the small number is added to 10 times the larger the result is 3 find the two numbers Two dice are tossed together. The sum of the outcomes is noted. What is the probability that the sum is less than 7 How much must be deposited today into an account with annual compounding and an APR of 5% in order to have 50,000 in 8 years for a down payment on a house? Assume no additional deposits are made.you deposit 5000 into a savings account. You leave it in there for a certain amount of time. There is a 2% interest rate and after a certain number of years, you withdraw the amount and have 5800. How many years did you leave the deposit in the savings account?