An amount of $21,000 is borrowed for 10 years at 3.25% 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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11-06-2017
Mathematics

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An amount of $21,000 is borrowed for 10 years at 3.25% 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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wolf1728 wolf1728 · Answer 1 · 2017-06-11T07:59:12+02:00

wolf1728 wolf1728

11-06-2017

The formula for total loan cost is attached.
10 years = 120 payments
MONTHLY Interest = .0325 / 12 = 0.0027083333

total = 0.0027083333 * 21,000 * 120 / (1-(1.0027083333)-120
total = 6,825 / (1- 0.7228448406 )
total = 6,825 / 0.2771551594
total = 24,625.20

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