An amount of 34,000 is borrowed for 10 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solution

An amount of 34, 000 is borrowed for 10 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solution

Amount : 58076.91

Solution steps

Translate the problem into an equation:

A = 34000 (1 + \frac{0.055}{1})^{1 \cdot 10}

34000 (1 + \frac{0.055}{1})^{1 \cdot 10} = 58076.91158 \dots

Round to the nearest hundredth:

58076.91

Amount : 58076.91

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