You borrow $7,000 from the Overton Credit Union to buy a used car. The credit union charges 6% interest, compounded monthly for
5 years. What’s the total amount you will have to pay back for this loan? A= P(1+r/n) ^nt
A=Total amount after
P=Initial
r=percent rate as a decimal
n=number of times per year
t=time in years
O $7,431.74
O $9,441.95
O $9,367.58
O $9,380.67
