Answer:
Total cost of the loan $55,969.8.-
Step-by-step explanation:
Giving the following information:
An amount of $32,000 is borrowed for 10 years at 5.75% Interest, compounded annually.
<u>To calculate the total cost of the loan, we need to use the Future Value (FV) formula:</u>
<u></u>
FV= PV*(1 + i)^n
PV= loan
i= interest rate
n= number of periods
FV= 32,000*(1.0575^10)
FV= $55,969.8
Answer: lololololololollolol
Step-by-step explanation: Blackhawks
0.02 because you do 0.002 x 10
