Question

alisha gas 15000 car loan with a 6 percent interest rate that is compounded annually. how much will she have paid at the end of the five year loan term? total anount = P (1 + i)^t

Answer 1

This is a "compound amount" calculation.

A = P(1+r)^t, where P=principal, r=rate as a decimal fraction, and t = time in yrs.

Here, A = $15000 (1+0.06)^5   =   $20073.38 (includes repayment of that 
                                                        $15000 loan and compound interest 
                                                         $50073.38)

Answer 2

Answer:

15,000*0.06=900

900*5=4,500

15,000+4,500=19,500

The answer is 19,50  fot plato users

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