Answers
A = P(1 + r/n)^(nt)
Where:
A is the total amount to be paid back
P is the principal amount (initial loan amount) = $33,000
r is the annual interest rate (in decimal form) = 6.5% = 0.065
n is the number of times the interest is compounded per year = 1 (compounded annually)
t is the number of years = 7
Plugging in the values, we get:
A = $33,000(1 + 0.065/1)^(1*7)
A = $33,000(1 + 0.065)^7
Using a calculator, we can evaluate the expression inside the parentheses first:
(1 + 0.065) ≈ 1.065
Substituting this back into the formula, we have:
A ≈ $33,000(1.065)^7
A ≈ $33,000(1.504441)
Calculating further:
A ≈ $49,451.63
Rounding to the nearest dollar, the amount that must be paid back is approximately $49,452.
Answer:
$51282
Step-by-step explanation:
N = A (1 + increase) ^n
Where N is future amount, A is initial amount, increase is percentage increase/decrease, n is number of mins/hours/days/months/years.
for our question:
amount paid back = 33,000 (1.065)^7
= $51282 to nearest dollar
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Step-by-step explanation:
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Answer:
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Answer:
y=−3x+4
Step-by-step explanation:
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Step-by-step explanation:
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Answer:
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Answers
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——————————-
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Answers
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Answers
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Answers
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Answers
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Step-by-step explanation:
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Step-by-step explanation:
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