Question

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?

Answer 1

Total savings breakdown:

Interest earned = $ 154,163.46

Total contributions = $0

Initial deposit = $32,500

Your total savings

$ 186,663. 46

Explanation: