An amount of
$45,000
is borrowed for
9
years at
8.25%
interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.
Step 1 | Enter | 9 |
Step 2 | Press | N |
Step 3 | Enter | -45000 |
Step 4 | Press | PV |
Step 5 | Enter | 0 |
Step 6 | Press | PMT |
Step 7 | Enter | 8.25 |
Step 8 | Press | I/Y |
Step 9 | Press | CPT |
Step 10 | Press | FV |
Payback in 9 years | $ 91,847 |
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