Question

An amount of 17,000 is borrowed for nine years at 4.5% interest compounded annually if the low is paid in full at the end of the period, how much must be paid back?

Name: an amount of 17000 is borrowed for nine years at 45 interest compounded annually if the low is paid in full at the end of the period how much must be paid back 12524
Uploaded: 2023-10-15T15:27:31-08:00
Duration: 2 min 23 s
Channel: Audrey Fong
Description: an amount of 17000 is borrowed for nine years at 45 interest compounded annually if the low is paid in full at the end of the period how much must be paid back 12524

          An amount of 17,000 is borrowed for nine years at 4.5% interest compounded annually if the low is paid in full at the end of the period, how much must be paid back?

Added by Katie A.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Audrey Fong

10/15/2023

Step 1

The formula for calculating compound interest is: A = P(1 + r/n)^(nt) Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (initial amount borrowed) r = the annual interest rate (in decimal) n = the number of times Show more…

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An amount of 17,000 is borrowed for nine years at 4.5% interest compounded annually if the low is paid in full at the end of the period, how much must be paid back?