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A loan of $23,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 36,000 or more?

A loan of $23,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 36,000 or more?
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A loan of $23,000 is made at 6.75% interest, compounded annually. After how many years will the amount due reach 36,000 or more?

asked
User Ramarao Amara
by
8.3k points

1 Answer

7 votes

Answer:

after 9 years it would be 36,972.5

answered
User Terell
by
8.1k points
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