Answer:
You must pay $79,381.3
Step-by-step explanation:
This is a problem of compound interest.
The formula used to solve these problems is:
[tex]P = p_0(1 + r) ^ t[/tex]
Where P is the amount that must be paid at the end of t years,
[tex]p_0[/tex] is the initial amount
r is the compound interest rate
If the initial amount was 46,000
The compound interest rate is 0.0625 and the loan is for 9 years, then at the end of the 9 years, the amount that must be paid is:
[tex]P = 46,000(1 + 0.0625) ^ 9[/tex]
We solve for P and obtain:
[tex]P = 79,381.3[/tex]
