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16 August, 17:34

Kyle took out a seven-year loan of $8,000 loan from his bank. The bank charges an interest rate of 5 percent, compounded yearly. Kyle wants to know the total amount he will have to pay back.

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  1. 16 August, 19:30
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    A = 8,000 (1 + 0.05) 7

    Step-by-step explanation:

    Edmentum
  2. 16 August, 20:02
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    Assuming the loan is as described, seven-year loan, which means that Kyle does not repay a cent before seven years.

    This is a compound interest problem where n=7 years, interest rate i=0.05, and present value P=8000.

    At the end of seven years, Kyle will have to pay

    Future value = F = P (1+i) ^n = 8000 (1.05) ^7 = 11256.80 (to the nearest cent)
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Home » Mathematics » Kyle took out a seven-year loan of $8,000 loan from his bank. The bank charges an interest rate of 5 percent, compounded yearly. Kyle wants to know the total amount he will have to pay back.
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