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IRISSAK [1]
3 years ago
13

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total a

mount he will pay.
Mathematics
1 answer:
Shtirlitz [24]3 years ago
8 0
The principal or the present worth is equal to $5000. The time of loan is six years and interest is equal to 0.04. The formula to be followed to get the future worth is F = P *(1+i)^n ; Substituting, the given values,  F = $5000 * (1+0.04)^6 = $6326.60
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