An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is pald in full at the end of that perlod, how much must be pald back? Use the calculator provided and round your answer to the nearest dollar.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
icon
Related questions
icon
Concept explainers
Topic Video
Question
Help
An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is paid in full at the end of that period, how much must be
paid back?
Use the calculator provided and round your answer to the nearest dollar.
Explanation
Check
2021 McGraw-Hill Education. All Rights Reserved
Terms
Transcribed Image Text:An amount of $23,000 is borrowed for 14 years at 6.75% Interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back? Use the calculator provided and round your answer to the nearest dollar. Explanation Check 2021 McGraw-Hill Education. All Rights Reserved Terms
Expert Solution
Step 1

Algebra homework question answer, step 1, image 1

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning