Question

A loan of $27000 is made at 3.75% interest, compounded annually. After how many years will the amount due reach $43,000 or more? please help! thank you!

Answer 1

M = P( 1 + i )^n

43000 = 27000(1 + .0375)^n

Answer 2

solve for n gives ...

Answer 3

about 12.64

Answer 4

A principal of $1200 is invested at 5.75% interest, compounded annually. How many years will it take to accumulate $2000 or more to the account. help :(

Answer 5

2k in total gain or over the 1.2 original?

Answer 6

2000 or more in the account. 1200 is invested

Answer 7

its the same interest formula I would think

2000 = 1200(1 + .0575)^n

Answer 8

n is about 9.14