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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
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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

User Nzingha
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2 Answers

3 votes
the solution is 6326.59509248 =6329.60

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

compound interest=P[1+r\100]^(t)
User Oblomov
by
8.7k points
4 votes
the answer to your question is the first answer 6326.60
User Vivek Mishra
by
8.8k points
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