# 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
periods.

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

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