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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

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?
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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.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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