Question

Alisha has a five-year car Loan of $15,000 with an interest rate of 6 percent. If the interest is compounded annually, how much will she pay in total for her car

Answer 1

I think it is like this:
A=P{1+(r/n)} ^ nt
A= 15000{1 + (0.06/1)} ^ 1*5
A= $20,073.38