Question

Lucas borrows $3,500 at 2% for 6 years. How much does he have to repay at the end of the loan total?

Answer 1

$3941.57.

Explanation:

Given,

Principal,P = $3,500

rate of interest,r = 2%

Time, n = 6 years

Now, the total amount Luca has to repay is:

`A = P(1+(r)/(100))^n`

A is the total amount.

`A = 3500* (1+(2)/(100))^6\\A = $3941.57`

Hence, the total money he has to repay is $3941.57.