an amount of 33000 is borrowed for 8 years at 725 interest compounded annually if the loan is pa

Name: an amount of 33000 is borrowed for 8 years at 725 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 an 88243
Uploaded: 2022-03-26T15:31:32-08:00
Duration: 1 min 41 s
Channel: Nicole Hoffman
Description: an amount of 33000 is borrowed for 8 years at 725 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 an 88243

Question

Michael Anderson · Accepted Answer

First, we need to calculate the annual interest rate. The annual interest rate is given as 7.25%

Question

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.

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