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Popular Word Problems >

An amount of \$37, 000 is borrowed for 14 years at 4.75 interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solución

A n am o u n t o f $37, 000 i s b orro w e d f or 14 ye a rs a t 4.75 in t eres t, co m p o u n d e d ann u a ll y . I f t h e l o an i s p ai d in f u ll a t t h e e n d o f t ha t p er i o d, h o w m u c h m u s t b e p ai d ba c k ?

Solución

Amount : 37004.75

Pasos de solución

Translate the problem into an equation:

A = 37000 + 4.75

Simplificar

A = 37000 + 4.75

Amount : 37004.75

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