An amount of $30,000 is borrowed for 5 years at 8.75% interest, compounded annually. Assuming that no payments are made, find the amount owed after 5 years. Use the calculator provided and round your answer to the nearest dollar. Español
Added by Michael D.
Close
Step 1
Principal amount (P) = $30,000 Time (t) = 5 years Annual interest rate (r) = 8.75% = 0.0875 Compounding frequency (n) = annually, so n = 1 Show more…
Show all steps
Your feedback will help us improve your experience
Nicole Hoffman and 64 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
An amount of $33,000 is borrowed for 8 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.
Nicole H.
An amount of $50,000 is borrowed for 12 years at 8% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.
Steven C.
An amount of $17,000 is borrowed for 5 years at 4.75% interest compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar.
Syed M.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD