Question

Mike borrowed a sum of rs 9450 for 5 years at a rate of 6% per year. calculate the total amount that he had to pay.

Answer 1

A =?

P= 9456

r = 6% = 0.06

t = 5 yrs

Formula

A= P(1+r)^t

A= 9456×1.06⁵

A = 12646.23

the total amount that he had to pay was 12646 rs