Question

To buy a laptop computer, Jane borrowed $5,000 for 3 years at an annual rate of 6%.

How much interest will she pay if she pays the entire loan off at the end of the third
year?

Answer 1

5955.08

Explanation:

First year: 5000×(6÷100)=300

Second year : 5300×(6÷100)=318

Third year : 5618×(6/100)=337.08

And = 5955.08