08-02-2017
Mathematics

Answered

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.

Verified Answer :

Aliwohaish12 Aliwohaish12

08-02-2017

6,000×1.05^(8)
=8,864.73

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13-02-2017

The answer is $8,864.73

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