Susan borrowed $8000 at a rate of 17%, compounded annually. Assuming she makes no payments, how much will she owe after years?

Answer 1

$17,539.58 in 5 years at 17% compounded annually, principal = $8,000

use the general formula

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

where t= 5

n= 1

r=.17

P=8000

plug in the numbers

simplify to get A