Inquashia took out a 2900 loan for a car the interest on the loan is a 8% compounded monthly how much in total will in Isha and

Question

2 years ago

14

up pain after 6 years. Plz I will Cashapp u some money if u get me right

1 answer:

Shtirlitz [24] · Answer 1 · 2022-08-26T02:27:24+03:00

Answer: the total amount after 6 years is 4690

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1 + r/n)^nt

Where

A = total amount of the loan at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount loaned.

From the information given,

P = 2900

r = 8% = 8/100 = 0.08

n = 12 because it was compounded 12 times in a year.

t = 6 years

Therefore,

A = 2900(1 + 0.08/12)^12 × 6

A = 2900(1 + 0.0067)^72

A = 2900(1.0067)^72

A = 4690