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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?

Solução

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 ?

Solução

Amount : 37004.75

Passos da solução

Translate the problem into an equation:

A = 37000 + 4.75

Simplificar

A = 37000 + 4.75

Amount : 37004.75

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