Samuel borrows $5,720 from Eric for 14 years. If the annual compound interest rate on the loan is 3.2%, how much will Samuel have to repay at the end of the loan? Round your answer to the nearest dollar.
Added by Jose Ignacio H.
Step 1
To calculate the interest rate per period, we divide the annual interest rate by the number of periods in a year. In this case, the loan is compounded annually, so the interest rate per period is 3.2% / 1 = 3.2%. Show more…
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