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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asked Dec 17, 2018 156k views

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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.

Mathematics
high-school

Technomalogical asked

by Technomalogical

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2 Answers

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The answer is $8,864.73

Ben Bracha answered Dec 19, 2018

by Ben Bracha

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2 votes

6,000×1.05^(8)
=8,864.73

BadAdviceGuy answered Dec 24, 2018

by BadAdviceGuy

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