3 years ago

Wallace took out a $5000 loan for 6 years. he is being charged 4% interest, compounded annually. calculate the total.

Mathematics

2 answers:

MAVERICK [17]3 years ago

6 0

Answer:

$6,326.60

Step-by-step explanation:

A = P (1 + r/n)^(nt)

Where:

A = the future value of the investment/loan, including interest

P = the principal investment amount (the initial deposit or loan amount)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per year

t = the number of years the money is invested or borrowed for

USPshnik [31]3 years ago

3 0

Answer:

$6,326.60 is the correct answer

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