Brief Exercise A-6

Hugh Curtin borrowed $31,500 on July 1, 2017. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2022. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much will Hugh have to repay on July 1, 2022? (Round answer to 2 decimal places, e.g. 25.25

Amount to be repaid on July 1, 2022

$