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Alisha has a $15,000 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 amount = P (1 + i)t A. $19,500.25 B. $15,900.50 C. $20,073.50

Respuesta :

wolf1728

I have another total loan payment formula (see attached):

Total = rate * principal * # of payments / (1-((1 + rate)^-n))

Total = .005 * 15,000 * 60 / (1- ((1.005)^-60)

Total = 4,500 / (1 -0.7413721962)

Total = 4,500 / 0.2586278038

Total = 17,399.52

I know that is NOT one of the answers but I am sure of the formula and the calculations.   I hope this helps.



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JeanaShupp

Answer: $20,073.50

Step-by-step explanation:

Given : Principal amount : [tex]P=\$15,000[/tex]

Interest rate per year: [tex]i=6\%=0.06[/tex]

Time period : [tex]t=5[/tex]

The formula to calculate the compound amount after t years is given by :-

[tex]A=P(1+i)^t[/tex]

Then , the amount she have paid at the end of the five-year loan term is given by :-

[tex]A=15000(1+0.06)^5=20073.383664\approx20073.50[/tex]

Hence, the amount she have paid at the end of the five-year loan term = $20,073.50

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