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 A. $19,500.25 B. $15,900.50 C. $20,073.50
2 answers:
I have another total loan payment formula (see attached):
Total = rate * principal * # of payments / (1-((1 + rate)^-n))
Total = .005 * 15,000 * 60 / (1- ((1.005)^-60)
Total = 4,500 / (1 -0.7413721962)
Total = 4,500 / 0.2586278038
Total = 17,399.52
I know that is NOT one of the answers but I am sure of the formula and the calculations. I hope this helps.
Answer: $20,073.50
Step-by-step explanation:
Given : Principal amount :
Interest rate per year:
Time period :
The formula to calculate the compound amount after t years is given by :-
Then , the amount she have paid at the end of the five-year loan term is given by :-
Hence, the amount she have paid at the end of the five-year loan term = $20,073.50
You might be interested in
Answer: 5 inches
Step-by-step explanation:
V = S * (30-2S)^2
V = S(900-120s+4s^2)
Volume = 4s^3 -120s^2 +900s
Find local maximum from graph at 5 (or take derivative = 0)
I think it 1/4 if not I'm sorry because there is no answer choices
Answer: 103/15
Step-by-step explanation:
We can simplify the right-hand side to be .
This means we need to solve:
2/12 1/12 i hope this is clear