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

Answer: For Plato users .

Explanation:

formula = P(1+i)^t

P= $15,000

I = 6%

T=5 years

= 15000(1+0.06)^5

= $20,073.38

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Answer 2

we are given with the data that the original cost of the car is $15000. However Alisha wants to pursue the whole payment for five years thus a 6 percent interest rate is given. The formula for finding the total cost is TC = 15000* (1+0.06)^5. The answer is $20,073.39