SOLUTION: An amount of $15,000 is borrowed for 10 years at 7.75% interest, compounded annually. If the loan is paid in at the end of that period, how much must be paid back?
Algebra ->
Percentage-and-ratio-word-problems
-> SOLUTION: An amount of $15,000 is borrowed for 10 years at 7.75% interest, compounded annually. If the loan is paid in at the end of that period, how much must be paid back?
Log On
Question 1113794: An amount of $15,000 is borrowed for 10 years at 7.75% interest, compounded annually. If the loan is paid in at the end of that period, how much must be paid back? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! If the interest is compounded annually, then the accrued interest will amount to 1.0775^10, or 2.1095 times the balance. 15000 x 2.1095=$31642 must be paid back
☺☺☺☺
