Alicia borrowed 15,000 to buy a car. She borrowed the money at 8% for 6 years. How much will she have to pay the bank at the end of the 6 years

Question

asked Dec 27, 2019 125k views

2 Answers

Sebastian Dietz · Answer 1 · 2020-01-02T23:16:17+0000

Hello,

Alicia borrowed $15,000

At 8% for 6 years

To get the % for 1 year

First multiply 15,000 by 8% (On a calculator would be easier)

You get 1,200

Now since she borrowed the money for 6 years, multiply 1,200 and 6

You get $7,200

So now, you add the $15,000 and $7,200

So Alicia has to pay $22,200 at the end of 6 years

Hope this helps

-GoldenWolfX✔