SOLUTION: An amount of $39,000 is borrowed for 6 years at 7.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the c

Question 1030337: An amount of $39,000 is borrowed for 6 years at 7.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
100% + 7.75% = 107.75%
107.75% = 107.75/100 = 1.0775 (factor)
$39,000 x 1.0775^6 = $61033.5
Nearest dollar = $61,034
Hope this helps :-)
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