I've been stuck on this question for over 20 minutes, Please help!

Question

An amount of $48,000 is borrowed for 10 years at 7.75% interest compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?

Answer 1

A= 48,000(1+.0775)^10

= 48,000(1.0775)^10

use a calculator

= 48,000(2.109467)

=$101,254.43

general formula is

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

plug in

P=beginning amount = $48,000

r= annual interest rate = 7.75%=.0775

t=10 years

n=1 = number of compounding periods per year