Samuel borrows $5543 from Eric for 14 years. If the annual compound interest rate on the loan is 6.4%, how much will Samuel have to repay at the end of the loan?

Answer 1

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

A = 5543(1 + .064/1)^(1)(14)

A = 5543(1+.064)^14

A = 5543(2.3833)

A = $13,210.76