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An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back? round to th…

An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back? round to th…
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An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back?

round to the nearest dollar

asked
User Wottle
by
8.2k points

1 Answer

5 votes
P = 41,000(1.05)^5
P = 41,000(1.27628)
P = 52,327
answered
User Leo Kuttoor
by
7.9k points
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