SOLUTION: An amount of 27,000 is borrowed for 9 years at 3% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calcula

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: An amount of 27,000 is borrowed for 9 years at 3% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calcula      Log On


   

Question 1030580: An amount of 27,000 is borrowed for 9 years at 3% 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 stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
): An amount of 27,000 is borrowed for 9 years at 3% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
-------------------
A(9) = 27000(1.03)^9
---
A(9) = $35,228.88
---------------
Cheers,
Stan H.
------------