Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Answer:
$1,610.51
Explanation:
The complete question is
Bruce takes out a personal loan of $1,000 to go on a trip to Florida. His loan has an annual compound interest rate of 10%. The loan compounds once each year. When you calculate Bruce's debt, be sure to use the formula for annual compound interest.
Bruce borrowed $1,000 for his trip.
If Bruce waits for five years to begin paying back his loan, how much will he owe?
we know that
The compound interest formula is equal to
where
A is the Final amount owed
P is the amount of money borrowed
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.
