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An amount of \$29000 is borrowed for 15 years at 6.25% 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 $29000 is borrowed for 15 years at 6.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Solution

Amount : 71999.93

Solution steps

Translate the problem into an equation:

A = 29000 (1 + \frac{0.0625}{1})^{1 \cdot 15}

29000 (1 + \frac{0.0625}{1})^{1 \cdot 15} = 71999.93075 \dots

Round to the nearest hundredth:

71999.93

Amount : 71999.93

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