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An amount of $19,000 is borrowed for 12 years at 6% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the cal…

An amount of $19,000 is borrowed for 12 years at 6% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the cal…
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4 votes
An amount of $19,000 is borrowed for 12 years at 6% 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.

asked
User Aminul
by
7.5k points

2 Answers

5 votes
Never mind I was wrong
answered
User Joshua Clark
by
8.6k points
4 votes
the equation would be 19,000(1.06)^12

the 1.06 is the interest and the ^12 is the amount of years/time

the amount needed to pay back after 12 years is 38,231.73$ ( rounded up )
answered
User Rajsite
by
8.0k points
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