An amount of 22000 is borrowed for 7 years at 8.25 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 : 22008.25

Solution steps

Translate the problem into an equation:

A = 22000 + 8.25

Simplify

A = 22000 + 8.25

Amount : 22008.25

Popular Examples

The sum of a number times 10 and 19 is greater than-17.What is the volume of a sphere with a diameter of 49.3 cm, rounded to the nearest tenth of a cubic centimeter?The volume of a sphere is 4, 500pi cubic millimeters. Find the radius.The radius of a circle is 7 feet. What is the circle's area?Mckenzie wants 10,000 saved in 6 years to make a down payment on a house. How much money should she invest now at 2.4% compounded monthly in order to meet her goal