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16 July, 15:40

Assume 20,000 is borrowed for 14 years at 8.5% interested compouinded annually

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  1. 16 July, 17:25
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    To solve for one year:

    20000 + 0.085 (20000)

    For 14 years:

    20000 + 14 (0.085 (20000))

    20000 + 1.19 (20000)

    To make it similar:

    2.19 (20000) = 43800

    You now have 43800 dollars, and gained $23800
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