An amount of $41,000 is borrowed for 14 years at 4.5% 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.

Question

An amount of $41,000 is borrowed for 14 years at 4.5% 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.

owlfred · Answer

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anonymous · Answer

using the general formula for compounded interest:
A=P(1+r/n)^(nt)
A=41000(1+0.045/1)^(1*14)
A= $75929.74