Kyle took out a seven-year loan of $8,000 loan from his bank. The bank charges an interest rate of 5 percent, compounded yearly.
Kyle wants to know the total amount he will have to pay back.
2 answers:
Assuming the loan is as described, seven-year loan, which means that Kyle does not repay a cent before seven years.
This is a compound interest problem where n=7 years, interest rate i=0.05, and present value P=8000.
At the end of seven years, Kyle will have to pay
Future value = F = P(1+i)^n = 8000(1.05)^7 = 11256.80 (to the nearest cent)
Answer:
A = 8,000 (1 + 0.05)7
Step-by-step explanation:
Edmentum
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Hope this helps!!!!
I think that answer would be .05
