Question

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.

Answer 1

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