an amount of $18,000 is borrowed for 10 years at 6.75% interest, compounded annually. if the loan is paid in full at the end of that period, how much must be paid back?
first of all what you do is you multiplie 6,75 by 10 and it equals 67,5 on 100 equals 18 grand on x you need to figure out on x so do fraction x on 18000 equals to 67,5 on 100 what is x equals to 67,5 times 18000 divided by 100 = 12150 plus the amount you took is 18000+12150=30150 is your answer in ten year is 12150 interest and in total payment is 30150
