Naeethaasavage
contestada

An amount of $49,000 is borrowed for 15 years at 3.5% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be
paid back?
round your answer to the nearest dollar.

Respuesta :

Alfpfeu

Answer:

[tex]\boxed{\sf \ \ \ $82,092 \ \ \ }[/tex][tex]\large\boxed{\sf \ \ \ \$82,092 \ \ \ }[/tex]

Step-by-step explanation:

Hello,

At the beginning we have $49,000

After the first year we get 49,000*(1+3.5%)=49,000*1.035

After n years we get

   [tex]49,000\cdot1.035^n[/tex]

So in 15 years it comes

   [tex]49,000\cdot1.035^{15}=82,092.09...[/tex]

rounded to the nearest dollar is $ 82,092

Hope this helps

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