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I need solution and answer Kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded annually, how much will be the balance of the account after 30 years?
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I need solution and answer

Kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded annually, how much will be the balance of the account after 30 years?

User ManjotSingh
by
8.6k points

1 Answer

5 votes

Answer:

Total savings breakdown:

Interest earned = $ 154,163.46

Total contributions = $0

Initial deposit = $32,500

Your total savings

$ 186,663. 46

Explanation:

User Andrew Drozdov
by
8.6k points
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