Question

Alisha has a 15,000 car loan with a 6 percent interest rate that is compounded annually hiw much will she have paid at the end of the five year

Answer 1

A = P ( 1+r )^ t

A = the future value including interest

P = the principal = $15,000

r = the annual interest rate = 6% = 0.06

t = the number of years = 5 years

So

A = 15,000(1 + 0.06)^5

A = $20,073.38

Answer

She will have paid $20,073.38 at the end of the five year