An amount of $24,000 is borrowed for 14 years at 8.25% interest, compounded annually. Assuming that no payments are made, find the amount owed after 14 years.
Use the calculator provided and round your answer to the nearest dollar.

The amount owed after 14 years, with an 8.25% interest rate compounded annually, will be **$72,812**.

Would you like more details on the calculations, or do you have any questions?

Here are 8 related questions:
1. How does compounding frequency affect the total amount owed?
2. What would the amount be if the interest were compounded quarterly?
3. How would the amount change if the interest rate was 7% instead of 8.25%?
4. What is the formula for continuous compounding, and how does it differ?
5. How would the outcome differ if the loan was only for 10 years?
6. What is the total interest paid over the 14 years?
7. How does simple interest compare to compound interest in this scenario?
8. What is the effect of making periodic payments on the total amount owed?

**Tip:** When dealing with compound interest problems, always pay attention to the compounding frequency, as it can significantly impact the final amount owed.

Find out how much you owe after borrowing $24,000 at 8.25% interest compounded annually for 14 years. Learn the compound interest formula and get step-by-step calculations. Round your answer to the nearest dollar.

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