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 ?
Stacey Warren - Expert brainly.com
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10000 x (1.12)^6
A = p(1+r)^t
A = 10,000 ( 1.12^6)
10000 * 1.97
= $ 19,738.23
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what formula are you using? to solve this?
i think there is Y=Ak^x or y=AB^x same formula just different variable
ishan_meswani seems to bee the right answer
i have no idea where jasb is getting his answers from
i got the same as elecengineer and im sure its correct
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.
i thought it was solve like this :
interest in 6 years = 6x0.12 x 10000 = 7200
so the total gonna be interest + 10000 = 17200 ?
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