Alisha has a $15,000 car loan with a 6 percent interest rate that is compounded annually. How much will she have paid at the end

Question

Wittaler [7]

3 years ago

10

Alisha has a $15,000 car loan with a 6 percent interest rate that is compounded annually. How much will she have paid at the end

of the five-year loan term?

Mathematics

2 answers:

Tpy6a [65] · Answer 1 · 2022-05-28T01:01:50+03:00

Tpy6a [65]3 years ago

4 0

6 percent intrest per year for 5 years I think is the same as 30 percent for 5 years

so $15,000 x .3 is $4500

$15,000 + $4500 = $19,500

not 100 percent sure if this is correct but I think its right. Sorry if im wrong.

suter [353] · Answer 2 · 2022-05-28T03:29:18+03:00

suter [353]3 years ago

3 0

A=p(1+i)^t
A=15000(1.06)^5=20,073.38