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
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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
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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):
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
