SOLUTION: An amount of $31,000 is borrowed for 7 years at 6.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
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Question 894399: An amount of $31,000 is borrowed for 7 years at 6.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Answer by reviewermath(1029) (Show Source): You can put this solution on YOUR website!
Q:
An amount of $31,000 is borrowed for 7 years at 6.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
A:
= $48,173.58
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