anonymous
  • anonymous
A woman borrowed $10,000 at 12% interest compounded annually. If the loan was paid off in one lump sum at the end of 6 years, how much did she pay? is it the answer 17200 ?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
850000....
anonymous
  • anonymous
10000 x (1.12)^6
anonymous
  • anonymous
A = p(1+r)^t A = 10,000 ( 1.12^6) 10000 * 1.97 = $ 19,738.23

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
what formula are you using? to solve this? i think there is Y=Ak^x or y=AB^x same formula just different variable and PMT=PV*(((r/n)/(1-(1+(r/n))^(-nt))
anonymous
  • anonymous
ishan_meswani seems to bee the right answer
anonymous
  • anonymous
i have no idea where jasb is getting his answers from i got the same as elecengineer and im sure its correct
anonymous
  • anonymous
ishan_meswani I know this stuff it's fresh in my memory. since it's so easy to remember. And yes i know you are correct.
anonymous
  • anonymous
i thought it was solve like this : interest in 6 years = 6x0.12 x 10000 = 7200 so the total gonna be interest + 10000 = 17200 ?
anonymous
  • anonymous
it can't be that way. Since interest grows. and each year the total is different we could interpret it like this. 10000*1.12=11200 interest from year one. then the second year's interest would be multiplied by 11200*1.12=12544 same as 10000*1.12*1.12=12544
anonymous
  • anonymous
i got it now , really appreciate
anonymous
  • anonymous
you are welcome

Looking for something else?

Not the answer you are looking for? Search for more explanations.