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

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Answer 1 · 2018-02-26T07:40:16

$99,418.43

#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#