The Henley's took out a loan for $195,000 to purchase a home. At a 4.3% interest rate compounded annually, how much will the loan be after 5 years?
Question
Solution 1
To calculate the total amount of the loan after 5 years with an annual interest rate of 4.3%, we use the formula for compound interest which is:
A = P(1 + r/n)^(nt)
Where: A = the amount of money accumulated after n years, including interest. P = principal amount (the initial amount of money) r = Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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