Question

Lucas borrows $3,500 at 2% for 6 years. How much does he have to repay at the end of the loan total?

Answer 1

Answer:

$3941.57.

Step-by-step explanation:

Given,

Principal,P = $3,500

rate of interest,r = 2%

Time, n = 6 years

Now, the total amount Luca has to repay is:

$A = P(1+\frac{r}{100})^n$

A is the total amount.

$A = 3500\times (1+\frac{2}{100})^6\\A = 3941.57$

Hence, the total money he has to repay is $3941.57.