The Anderson's took out a loan for 195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

Solution

The Anderson's took out a loan for 195, 000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?

Solution

Amount : 689546.99

Solution steps

Translate the problem into an equation:

A = 195000 (1 + \frac{0.043}{1})^{1 \cdot 30}

195000 (1 + \frac{0.043}{1})^{1 \cdot 30} = 689546.98543 \dots

Round to the nearest hundredth:

689546.99

Amount : 689546.99

Popular Examples

How much should be invested now at an interest rate of 7% per year, compounded continuously, to have \$2500 in five years?sum of 2 consecutive numbers is 139 2 coins is tossed 7 times. What is the probability of 1 tails and 1 heads?Nicole is saving up money to buy a car. Nicole puts 6,189.00 into an account which earns 13.21% interest, compounded quarterly. How much will she have in the account after 7 years?A person invests 7500 dollars in a bank. The bank pays 6% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10100 dollars?