Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded annually, how much total will he have paid afte

Question

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded annually, how much total will he have paid after 5 years? *

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Madeline 2 weeks 2021-10-06T11:38:20+00:00 2 Answers 0

Answers ( )

    0
    2021-10-06T11:39:38+00:00

    Answer: he would have paid $33101 after 5 years

    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 paid 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 taken as loan.

    From the information given,

    P = 25690

    r = 5.2% = 5.2/100 = 0.052

    n = 1 because it was compounded once in a year.

    t = 5 years

    Therefore,.

    A = 25690(1+0.052/1)^1 × 5

    A = 25690(1.052)^5

    A = 33101

    0
    2021-10-06T11:40:02+00:00

    Answer:

    I think the answer is 1335.88

    Step-by-step explanation:

    5.2% of 25,690 is 1335.88

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45:7+7-4:2-5:5*4+35:2 =? ( )