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

Question

zvonat [6]

2 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] · Answer 1 · 2022-10-12T03:12:52+03:00

Zina [86]2 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