Answer to Question #280243 in Financial Math for mar

Question #280243

to take a technology course, Manu borrows $20 000 at an interest rate of 4.75% per annum compounded annunally. He plans to pay back the loan in 2 years. How much will Manu owe?

Expert's answer

"P=\\$20000, r=4.75\\%=0.0475, n=2 , A=?"

"A=P(1+r)^n=20000(1+0.0475)^2=\\$21945.125"

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