A company borrows $25,000 from a bank, with an interest rate of 3%. The terms of...
A company borrows $25,000 from a bank, with an interest rate of 3%. The terms of borrowing provide that interest accrues based on annual compounding, and the principle and interest are due in full 4 years from the date of borrowing. What is the total amount due on this borrowing at the due date?
Homework Answers
Borrowing = $25,000
Interest rate (i) = 3%
Time period (n) = 4 years
Amount due on borrowing at due date = Borrowing (1+i)n
= 25,000 ( 1+0.03)4
= 25,000 (1.03)4
= 25,000 x 1.12550881
= $28,138
$28,138 is the total amount due on this borrowing at the due date.
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A company borrows $25,000 from a bank, with an interest rate of
3%. The terms of...
A company borrows $25,000 from a bank, with an interest rate of 3%. The terms of...
A company borrows $25,000 from a bank, with an interest rate of 3%. The terms of borrowing provide that interest accrues based on annual compounding, and the principle and interest are due in full 4 years from the date of borrowing. What is the total amount due on this borrowing at the due date?
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thumbs up for correct solution
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thumbs up for correct solution
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