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23 February, 21:18

An amount of 4700 is borrowed for 5 years at 6.75% interest, compound annually. If the loan is paid in full at the end of that period, how much must be paid back

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  1. 23 February, 22:42
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    A=p (1+r) ^t

    A amount paid at the end of 5 years

    P amount borrowed 4700

    R interest rate 0.0675

    T time 5 years

    A=4,700 * (1+0.0675) ^ (5)

    A=6,515.34
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