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27 March, 06:57

Total amount = P (1 + i) t

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.

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  1. 27 March, 08:04
    0
    36030000$

    Step-by-step explanation:

    I = PRT/100

    =5000*4/100*6

    =1200

    from total amount = P (1+i) t

    =5000 (1+1200) 6

    =5000 (1201) 6

    =5000 (7206)

    =36030000
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