Question

An amount of $25,000 is borrowed for 9 years at 9% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.

Answer 1

$54297.00

Explanation:

This means you need to find
`25000\cdot1.09^(9)`.

Now we use a calculator, and get approximately $54297.