consumer math
posted by breanna ambre on .
Alisha has a fiveyear car loan of $15,000 with an interest rate of 6 percent. If the interest is compounded annually, how much will she pay in total for her car?

P = Po(1+r)^n
n = 1comp./yr * 5yrs = 5 compounding
periods.
P = 15000(1.06)^5 = $20,73.38