Question

An amount of 41,000 is borrowed for 15 years at 3.25 interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Answer 1

$19,987,500.00

Explanation:

I= prt

I= 41,000 * 3.25 * 15

41,000 * 3.25 * 15

= 19,987,500