rodriguezjennifer090 rodriguezjennifer090

26-05-2021
Mathematics

contestada

An amount of $45,000 is borrowed for 13 years at 6.75% interest, compounded annually. If the loan
paid back
Use the calculator provided and round your answer to the nearest dollar,

Respuesta :

samuelonum1 samuelonum1

31-05-2021

Answer:

$104850

Step-by-step explanation:

Given data

Principal= $45,000

Time = 13 years

Rate= 6.75%

the compound interest expression is

A= P(1+r)^t

A=45000(1+0.0675)^13

A= 45000(1.0675)^13

A= 45000*2.33

A= $104850

Hence the final amount will be $104850

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