omonte4778 omonte4778

14-01-2019
Mathematics

contestada

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.

Respuesta :

Aliwohaish12 Aliwohaish12

14-01-2019

Answer:

8864.73

Step-by-step explanation:

A=p(1+r)^t

A future value ?

p the principle 6000

r interest rate 0.05

t time 8 years

A=6000×(1+0.05)^8

A=8864.73

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