Question

Ricardo wants to buy a new car but he does not have enough money so he decides to borrow $12,000 from the bank to buy a new car .Ricardos bank is going to charge him 17% interest that will be compounded annually .how much money will you pay the bank back and he keeps the loan for 5 years?

Answer 1

Answer: 2040

Step-by-step explanation:I believe that if you were to keep the loan for 5 years you would have to pay 2040 dollars because you do 12000 x . 17 to get 2040.

I am sorry if I am wrong.

Hope this helps!