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Ryan has an eight–year loan for $6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.

Ryan has an eight–year loan for $6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.
asked 156k views
3 votes
Ryan has an eight–year loan for $6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.

asked
User Technomalogical
by
8.1k points

2 Answers

4 votes
The answer is $8,864.73
answered
User Ben Bracha
by
7.5k points
2 votes
6,000×1.05^(8)
=8,864.73
answered
User BadAdviceGuy
by
7.5k points
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