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QUESTION An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded annually. If the loan is paid in full at the end of that period, how much matte paid back? Use …

QUESTION An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded annually. If the loan is paid in full at the end of that period, how much matte paid back? Use …
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4 votes
QUESTION

An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded annually. If the loan is paid in full at the end of that period, how much matte
paid back?
Use the calculator provided and round your answer to the nearest dollar.

asked
User Marius Kjeldahl
by
8.1k points

2 Answers

6 votes

this is a answer of upper question

QUESTION An amount of $34,000 is borrowed for 12 years at 7% Interest, compounded-example-1
answered
User Judyta
by
8.8k points
6 votes

A = P(1 + r/n)^(nt)

A = 34000(1 + .07)^12

A= 57127

answered
User Florian Holzhauer
by
8.2k points
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