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You take out a loan of $15,000 from a bank. The loan is at 4% per year compound interest. How much are you required to p
Posted: Mon May 02, 2022 8:33 am
by answerhappygod
- You Take Out A Loan Of 15 000 From A Bank The Loan Is At 4 Per Year Compound Interest How Much Are You Required To P 1 (28.76 KiB) Viewed 28 times
You take out a loan of $15,000 from a bank. The loan is at 4% per year compound interest. How much are you required to pay back to the bank at the end of the 6th year? (Assume that you do not pay any money till the end of the 6th year.) Provide your answer in the input box below. You need to use the below formula. You are expected to show how you use the formula in your solution. HINT: TotalDue = Principal *(1 + Interest Rate) NumberOfYears !!IMPORTANT!! Just write down a value with only one decimal digit for your answer. If your answer has more than one decimal digit, round it to the nearest allowable value. Always use "POINT" as a decimal separator, do not use "comma". Example 1: If your answer is 37.551, round it to 37.6. Example 2: If your answer is 41.44, round it to 41.4) ANSWER: Chocol