Question

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay. $6,326.60 $6,312.38 $6,077.53

Answer 1

the solution is 6326.59509248 =6329.60

p=5000,r=4,t=6 years

compound interest=P[1+r\100]^(t)

Answer 2

the answer to your question is the first answer 6326.60