Ben borrows $18,500 at 5.2% simple interest per year .when he pays back the loan after 72 months what is the total amount he will end up paying

Question

asked Jun 23, 2021 181k views

1 Answer

KMoraz · Answer 1 · 2021-06-26T20:03:02+0000

Answer:

$24,272

Explanation:

The total amount due at the end of 6 years is ...

A = P(1 +rt) = $18,500(1 +.052·6) = $18,500·1.312 = $24,272

Ben will end up paying $24,272.