An amount of $26.000 is borrowed for 7 years at 4% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

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asked Feb 13, 2021 147k views

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Trevorgrayson · Answer 1 · 2021-02-20T11:30:57+0000

26,000 is the initial value( what you started with) since it’s interest you are adding that by 4% compounded annually. The equation would be 26,000( 1 + (.04/1))^7 just plug this into your calculator and you’ll get $34,214.23

An amount of $26.000 is borrowed for 7 years at 4% interest, compounded annually. If-example-1

An amount of $26.000 is borrowed for 7 years at 4% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

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