Question

An amount of $45,000 is borrowed for 5 years at 3.5% 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.

Answer 1

@YoloShroom

Answer 2

We werent finished with the last one by the way kelly ^_^
But ill look at this one aswell

Answer 3

What grade are you?

Answer 4

I'm in 8th.

Answer 5

@YoloShroom

Answer 6

\[y=45000(1.035)^x\] This equation can model this, and I remember learning this in 8th grade, I'm not sure about you but this is the most efficient way to solve this, y= result and x= years gone by

Answer 7

So substitute 5 for x and you should have the answer

Answer 8

if you dont understand the equation given, or if you havent learned the equation, we can do it the long way :) No worries.