Question

You 5-year loan of $14,000 is at 4.3% compounded annually. How much will you have paid in total for your loan?

Answer 1

$17,276

Explanation:

Given data

Time= 5 years

Principal= $14,000

Rate= 4.3%

We want to find the final amount

A=P(1+r)^t

Substitute

A= 14000(1+0.043)^5

A= 14000(1.043)^5

A= 14000*1.234

A=$17276

Hence the total amount is $17,276