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

balandron [24]

3 years ago

8

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? total amount = P (1 + i)t $19,500.25

Mathematics

1 answer:

Harlamova29_29 [7] · Answer 1 · 2022-04-04T10:56:26+03:00

Harlamova29_29 [7]3 years ago

8 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 I am wrong not 100% sure.