Final answer:
The total payback on the single payment loan is $5,720.
Step-by-step explanation:
To calculate the total payback on a single payment loan, we need to find the amount of interest and add it to the principal amount. For this loan, the principal is $5,000 and the interest rate is 6%. Since it is a single payment loan, the total payback will be the sum of the principal and the interest.
To find the interest, we can use the formula: Interest = Principal * Rate * Time. In this case, the time is 24 months. Plugging in the values, we get: Interest = $5,000 * 0.06 * 24 = $720.
So, the total payback on the single payment loan is the sum of the principal and the interest which is $5,000 + $720 = $5,720.