62.8k views
4 votes
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
7.8k points

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
8.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories