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A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle…

A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle…
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1 vote
A firm a borrowed $5,000,000 for 5 years at 10% per year compound interest. The firm will make no payments until the loan is due, when it will pay off the interest and principle in one lump sum. What is the total payment?

asked
User Ron Ballard
by
7.8k points

1 Answer

2 votes

Answer: $8,052,550

Step-by-step explanation:

$5,000,000(1+0.1)^5= $8,052,550

answered
User Coleen
by
8.3k points
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