SOLUTION: please help me
An amount of $42,000 is borrowed for 5 years at 8.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid b
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Question 1173204: please help me
An amount of $42,000 is borrowed for 5 years at 8.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods.
formula becomes f = 42,000 * (1 + .085) ^ 5
solve for f to get:
f = 63,153.58
that's what's owed at the end of the loan period.
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