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Ryan has an eight year loan for 6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.
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Ryan has an eight year loan for 6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.

User Rhowell
by
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1 Answer

6 votes

Answer:

8864.73


Explanation:

A=p(1+r)^t

A future value ?

p the principle 6000

r interest rate 0.05

t time 8 years

A=6000×(1+0.05)^8

A=8864.73


User Mandel
by
6.6k points
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