You borrowed $59,000 for 5 years at 11% which was compounded annually, what total amount will you pay back?

1 Answer
Feb 26, 2018

$99,418.43

Explanation:

FV=OV(1+r/100)^n

FV = The value you are looking for.

OV = The orginal amount

r = interest rate

n = Years

59,000(1+11/100)^5 = 99,418.4311509

Round to nearest cent

$99,418.43