an amount of 17000 is borrowed for 14 years at 5.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back

Solution

Solution

Amount : 37185.55

Solution steps

Translate the problem into an equation:

A = 17000 (1 + \frac{0.0575}{1})^{1 \cdot 14}

17000 (1 + \frac{0.0575}{1})^{1 \cdot 14} = 37185.54800 \dots

Round to the nearest hundredth:

37185.55

Amount : 37185.55

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