Josaya takes out a loan of $215000 to purchase a car. the bank charges him 5.2% compounded quarterly on this loan. if he pays ba

Question

In-s [12.5K]

3 years ago

6

Josaya takes out a loan of $215000 to purchase a car. the bank charges him 5.2% compounded quarterly on this loan. if he pays ba

ck loan after three years, calculate the total amount to be paid back by josaya

Mathematics

1 answer:

timofeeve [1] · Answer 1 · 2021-12-24T15:28:50+03:00

timofeeve [1]3 years ago

8 0

215,000 x 5.2% =11,180 quarterly compounded interested
quarter = 4 theres 4 quarters in a year
3years x 4 quarters= 12 quarters
12 quarters x 5.2% of 215,000 =
134,160(compounded interested)+ 215,000(money he owes) =
349,160