Jill ley took out a loan for$60,000 to pay for her childs education.The loan must be repaid at the end of the eight years in one payment with interest of 6%.The total amount jill has to pay back at the end of the loan is a$28,800 b.$80,800 c. $88,808 d.$88,008

This is your EXAM. I'll be glad to check your answer.

None of those answers is correct.

To find the total amount Jill has to pay back at the end of the loan, we need to calculate the interest on the loan amount.

The loan amount is $60,000, and the interest rate is 6%. The interest on the loan can be calculated using the simple interest formula, which is:

Interest = Principal x Rate x Time

In this case, the principal amount (P) is $60,000, the rate (R) is 6% expressed as 0.06, and the time (T) is 8 years.

So, the interest on the loan is:

Interest = $60,000 x 0.06 x 8 = $28,800

To find the total amount Jill has to pay back, we need to add the interest to the loan amount:

Total amount = Loan amount + Interest = $60,000 + $28,800 = $88,800

Therefore, the correct answer is option c. $88,808.