SOLUTION: Please help An amount of $49,000 is borrowed for 12 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid ba

Question 1173030: Please help
An amount of $49,000 is borrowed for 12 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!



Hi  

 In General 

A = Accumulated Amount

P= principal = 49,000

r= annual rate = .0725

n= periods per year = 1

t= years = 12

Plug and Play



Calculate using Your Calculator to Find A(t)

A(t) the total amount to be paid back after 12 years

 = $113,491.59 

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