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consumer math

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Alisha has a five-year 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?

  • consumer math -

    P = Po(1+r)^n

    n = 1comp./yr * 5yrs = 5 compounding

    P = 15000(1.06)^5 = $20,73.38

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