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Answer:
At the end of 6 years, he would have paid $13985.6
Step-by-step explanation:
Initial amount taken as load is $10,000 This means that the principal
P = 10000
It was compounded annually. This means that it was cam pounded once in a year. So
n = 1
The rate at which the principal was compounded is 5.75%. So
r = 5.75/100 = 0.0575
it takes you six years to pay off the loan. So
t = 6
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount of money that you would have paid back by the end of the six years. Therefore
A = 10000 (1+0.0575/1)^1×6
A = 10000(1.0575)^6 = $13985.6
Answer:
$30.76
Step-by-step explanation:
Add up all data values to get the sum
Count the number of values in your data set
Divide the sum by the count
