SOLUTION: An amount of $16,000 is borrowed for 6 years at 9% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Round your answ
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: An amount of $16,000 is borrowed for 6 years at 9% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Round your answ
Log On
Question 1182011: An amount of $16,000 is borrowed for 6 years at 9% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Round your answer to the nearest dollar? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Find Amount
Principal P = 16000
Amount= A
years=t 6.00
compounded 1 times a year n
Rate = 9.00 0.09 0.09
Amount = P*((n+r)/n)^n*t
