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weeeeeb [17]
3 years ago
13

Susan decided to apply for a private loan rather than a federal loan. She is considering a

Advanced Placement (AP)
1 answer:
Mariulka [41]3 years ago
5 0

Answer:

Amount of loan pay = $14014.70 (Approx.)

Explanation:

Given:

Amount of loan taken = $7,900

Interest rate = 5.9% = 0.059

Number of year = 10

Find:

Amount of loan pay

Computation:

A = P[1+r]ⁿ

Amount of loan pay = Amount of loan taken[1+r]ⁿ

Amount of loan pay = 7,900[1+0.059]¹⁰

Amount of loan pay = 7,900[1.059]¹⁰

Amount of loan pay = $14014.70 (Approx.)

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