Question 1173198
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Hi  
An amount of $42,000 is borrowed for 5 years at 8.5% interest, compounded annually.
If the loan is paid in full at the end of that period, how much must be paid back?
 In General {{{A(t) = P(1+r/n)^(nt)}}}
A = Accumulated Amount ... Calculating
P= principal =  $42,000
r= annual rate = .085
n= periods per year = 1
t= years = 5
{{{A(t) = 42000(1.085)^(5)}}}
 A = $63,154   (Rounded to the nearest dollar)
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