kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded annually, how much will he pay in total o ver the course of the 5 year loan?
1 answer:
Answer: He would pay $43492.33 in total over the course of the 5 years.
Step-by-step explanation:
Since we have given that
Amount he borrowed = $32500
Rate of compounded annually = 6%
Number of years = 5 yr
As we know the formula for "Compound Interest':
Hence, He would pay $43492.33 in total over the course of the 5 years.
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