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?


1
Expert's answer
2021-12-16T17:36:23-0500

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


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


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price
Learn more about our help with Assignments: Math

Comments

No comments. Be the first!
Our fields of expertise
Submit Your Assignment. We Can Do It.
LATEST TUTORIALS
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult. You can find this expert in "Assignmentexpert.com" with confidence. Exceptional experts! I appreciate your help. God bless you!
Canada #340153 on Dec 2023