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lilly owes $52,000 in student loan for college. if the loan will be repaid in 5.5 years and the interest rate changed is 6.75%, then how much will she pay altogether
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lilly owes $52,000 in student loan for college. if the loan will be repaid in 5.5 years and the interest rate changed is 6.75%, then how much will she pay altogether

User Aaron Greenlee
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1 Answer

5 votes
An = P(1 + r)^n
An = 52000(1 + 6.75/100)^5.5 = 52000(1.0675)^5.5 = $74,477.78
User Ajordat
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