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?

Answer 1

I think you need to multiply 7.25% by 10 first

Answer 2

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

Answer 3

Then you add that amount to 42,000

Answer 4

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

Answer 5

Haha, @k_lynn you beat me to it cx

Answer 6

:) I'm quick like that

Answer 7

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

Answer 8

do you understand how we got that @Dream_Catcher

Answer 9

Yes, I do now! Thankyou guys!