SOLUTION: Find the amount due on a loan of $14,000 at 12%interest compounded annually for 5 years.

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Question 150849: Find the amount due on a loan of $14,000 at 12%interest compounded annually for 5 years.
Answer by vleith(2983) About Me  (Show Source):
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FutureValue+=+Principle%281%2Br%29%5En
r = 12% = 0.12
n = 5
Principle = 14000
FV+=+14000%281%2B0.12%29%5E5
FV+=+14000%281.12%29%5E5
FV+=+14000%2A+1.7623
FV+=+24672.78