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3 years ago

14

Lilly owes $52,000 in student loans for college. If the loan will be repaid in 5.5 years and the interest rate charged is 6.75%,

then how much will she pay all together?

1 answer:

Novay_Z [31]3 years ago

3 0

An = P(1 + r)^n
An = 52000(1 + 6.75/100)^5.5 = 52000(1.0675)^5.5 = $74,477.78

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