An amount of $21,000 is borrowed for 15 years at 7.75% 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.
Because it is a 7.75% increase, simply do 21,000*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775*1.0775 to get 64339.6179
