Mathematics: I need help An amount of $16,000 is borrowed for 8 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

I need help An amount of $16,000 is borrowed for - id16000813488969, jilliangillespie

Ответ:

Relesses

25.06.2021

Mathematics

$28009.05

Step-by-step explanation:

Let us use the formula A = P(1 + r/n)^(nt)

Step 1: Convert 7.25 to decimal

$7.25\% = 0.0725$ in decimal form

Step 1: Percent means 'per 100'. So, 7.25% means 7.25 per 100 or simply 7.25 over 100. $7.25 \div 100\\\\= \frac{7.25}{100}\\\\= 0.0725$ If you divide 7.25 by 100, you'll get 0.0725 (a decimal number).

Step 2: Solve with the formula

$A = 16000(1 + 0.0725)^8\\\\A= 28009.05$

Step 1: Add the numbers: 1+0.0725=1.0725

$=16000\cdot \:1.0725^8$ $=16000\cdot \:1.75056$ Step2: Multiply =28009.05068

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Ответ:

lexigarwood

29.01.2020

Mathematics

the answer is 6.92

Step-by-step explanation:

put me as brainliest

hope this helps

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I need help An amount of $16,000 is borrowed for 8 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

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