Answered

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29
= 30
31
An amount of $32,000 is borrowed for 6 years at 6.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must
paid back

Sagot :

[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$32000\\ r=rate\to 6.25\%\to \frac{6.25}{100}\dotfill &0.0625\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &6 \end{cases} \\\\\\ A=32000\left(1+\frac{0.0625}{1}\right)^{1\cdot 6}\implies A=32000(1.0625)^6\implies A\approx 46038.78[/tex]

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