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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. $7,657.69 $8,815.97 $8,864.73
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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.

$7,657.69



$8,815.97



$8,864.73

User Tony Gil
by
7.7k points

1 Answer

6 votes
6000(1+5/100)^8
=$8864.73
User Adam Drewery
by
7.9k points
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