Question

Sabrina took out a loan for $60,000 to pay for her child's education. The loan must be repaid at the end of eight years in one payment with interest of 6%. The total amount Sabrina has to pay back at the end of the loan is

Answer 1

I hope this will help u !!!!
6% means 6/100 so
loan took=$60,000
loan she has to pay= 60,000×6/100 = 600×6 = 3600
:: she has to pay $60,000 + 3600 = $63,600
thankyou

Answer 2

One way of doing this would be to begin with $60,000, calculate the interest, and then add the interest to this $60,000:

$60,000 + $60,000(0.06)(8) = $88,800.

Sabrina will have to repay $88,800.