You 5-year loan of $14,000 is at 4.3% compounded annually. How much will you have paid in total for your loan?
1 answer:
Answer:
$17,276
Step-by-step explanation:
Given data
Time= 5 years
Principal= $14,000
Rate= 4.3%
We want to find the final amount
A=P(1+r)^t
Substitute
A= 14000(1+0.043)^5
A= 14000(1.043)^5
A= 14000*1.234
A=$17276
Hence the total amount is $17,276
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