Question

Jill Ley took out a loan for 60,000 to pay for her childs education. The must be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is

Answer 1

`60,000(1+0.06)^8=60,000 \cdot (1.06)^8\approx 95,630.88`

or

100% + 6% = 106% = 1.06


`60,000 \cdot (1.06)^8 =....`