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A borrower had a loan of $ 30 comma 000.00 at 6 % compounded annually comma with 8 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to pay off the loan.

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Answer:

$38,103.34

Explanation:

A= P(1+r/n)^nt

P: Principal

r: interest rate

n: number of times interest is applied per time period

t: total time period

A= 30000(1+0.06/8)^(4×8)

A= $ 38,103.34

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