Question

lilly owes $52,000 in student loan for college. if the loan will be repaid in 5.5 years and the interest rate changed is 6.75%, then how much will she pay altogether

Answer 1

An = P(1 + r)^n
An = 52000(1 + 6.75/100)^5.5 = 52000(1.0675)^5.5 = $74,477.78