Register

An amount of $37000 is borrowed for 7 years at 6.75% interest, compounded annually. if the loan is paid in full at the end of that period, how much must be paid back?

An amount of $37000 is borrowed for 7 years at 6.75% interest, compounded annually. if the loan is paid in full at the end of that period, how much must be paid back?
asked 58.9k views
4 votes
An amount of $37000 is borrowed for 7 years at 6.75% interest, compounded annually. if the loan is paid in full at the end of that period, how much must be paid back?

asked
User SyntaxError
by
7.8k points

1 Answer

5 votes
The answer would be 17482.5 because you would multiply 37000 by .0675 then after you get that answer you would multiply it by 7.
answered
User Buddhima Gamlath
by
8.1k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!