Question

An amount of $41,000 is borrowed for 7 years at 7.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Answer 1

I=prt
I= 41,000 * 0.075 * 7
41,000 * 0.075 * 7 = 21,525
Answer= 21,525