Answer: 49583.54 dollars
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Work Shown:
P = 37000 is the principal (aka amount loaned out)
r = 0.05 is the interest rate in decimal form
t = 6 is the number of years
n = 1 tells us we are compounding 1 time per year (aka annual compounding)
Those four values are plugged into the formula below and you use a calculator to simplify
A = P*(1+r/n)^(n*t)
A = 37000*(1+0.05/1)^(1*6)
A = 49583.538703125
A = 49583.54 is the full amount to pay back
Side note:
The amount of interest paid is A - P = 49583.54 - 37000 = 12583.54
