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Beliebt Word Problems >

An amount of 34,000 is borrowed for 10 years at 5.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Lösung

A n am o u n t o f 34, 000 i s b orro w e d f or 10 ye a rs a t 5.5% 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 ?

Lösung

Amount : 58076.91

Schritte zur Lösung

Translate the problem into an equation:

A = 34000 (1 + \frac{0.055}{1})^{1 \cdot 10}

34000 (1 + \frac{0.055}{1})^{1 \cdot 10} = 58076.91158 \dots

Round to the nearest hundredth:

58076.91

Amount : 58076.91

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