tony is taking a 5 year loan in the amount of $15,000. The interest is continuously compounded at an annual rate of 7%. How much will he owe, in dollars, at the end of the loan term?
Use the equation 15000(1.07)^5 since 1.07 equals to 7% and you are loaning more money to Tony's account for 5 years. You should get $21,038.28 as your result.
