Answer:
$21046.85
Step-by-step explanation:
You want the new amount of a $17,000 loan at 5.29% APR if no payments are made and the interest is capitalized after 4.5 years.
The simple interest on the loan is given by the formula ...
I = Prt
where P is the principal at rate r for t years.
The interest on $17,000 at 5.29% for 4.5 years is ...
I = $17,000·0.0529·4.5 = $4046.85
When that interest is added to the original loan value, the new loan amount will be ...
$17,000 +4,046.85 = $21046.85
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Additional comment
The last answer choice, $21406.85, seems to have two digits reversed. That is closest to the correct answer.
