An amount of
$42,000
is borrowed for
10
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?

Question

An amount of 
$42,000
 is borrowed for 
10
 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?

k_lynn · Answer

I think you need to multiply 7.25% by 10 first

here_to_help15 · Answer

ok so what you wanna do is multiply the intrest and the amount

k_lynn · Answer

Then you add that amount to 42,000

camerondoherty · Answer

Just multiply
10 times 7.25%
Then add tht to 42k

camerondoherty · Answer

Haha, @k_lynn you beat me to it cx

k_lynn · Answer

:) I'm quick like that

chosenmatt · Answer

camerondohery stop following me on every question I ask...

k_lynn · Answer

do you understand how we got that @Dream_Catcher

anonymous · Answer

Yes, I do now! Thankyou guys!