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zvonat [6]
3 years ago
8

Alisha has a five-year car loan of $15,000 with an interest rate of 6 percent. If the interest is compounded annually, how much

will she pay in total for her car?.
Business
1 answer:
Zina [86]3 years ago
3 0
We are given with the data that the original cost of the car is $15000. However Alisha wants to pursue the whole payment for five years thus a 6 percent interest rate is given. The formula for finding the total cost is TC = 15000* (1+0.06)^5. The answer is $20,073.39 
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