radomes.openskiesproject.org
taskmasters
taskmasters taskmasters
  • 05-09-2016
  • Mathematics
Answered

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.

Verified Answer :

meerkat18
meerkat18 meerkat18
  • 09-09-2016

The principal or the present worth is equal to $5000. The time of loan is six years and interest is equal to 0.04. The formula to be followed to get the future worth is F = P *(1+i)^n ; Substituting, the given values,  F = $5000 * (1+0.04)^6 = $6326.60

Answer Link

Related Questions

PLEASE HELP ME I NEED THE ANSWER TO THIS QUESTION
Which inequality is false A 8 gt 1 B 5 lt 10 C 5 lt 2 D 14 gt 9
8tanx2285 is it possible
WHAT IS THE relationship Between the two 6s in the number 6632
2 Which of the following is not true of parenthetical elements A They provide additional detail B When one appears in the middle of a sentence only one comma is
If anyone helps me all 4 question I will try to tutor u in return Thank you
Your team begins administering chest compressions to a newborn correct technique includes which of the following
which one of these men was not a representative to the first continental congress a john adams b lord grenville c patrick henry d joseph galloway
Fatigue can be both
Selena has 10 What is the greatest amount of spinach she can buy Spinach is 3 per pound How many pounds at mostc