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Total amount = P (1 + i)t Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.

Total amount = P (1 + i)t Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.
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Total amount = P (1 + i)t

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.

User Talitha
by
8.3k points

1 Answer

3 votes

Answer:

36030000$

Explanation:

I = PRT/100

=5000×4/100×6

=1200

from total amount = P(1+i)t

=5000(1+1200)6

=5000(1201)6

=5000(7206)

=36030000

User Supriya Kalghatgi
by
8.0k points
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