Alisha has a $15,000 car loan with a 6 percent interest rate that is compounded annually. How much will she have paid at the end of the five-year loan term?
total amount = P (1 + i)^t
Select one of the options below as your answer:A. $19,500.25B. $15,900.50C. $20,073.50

Question

Alisha has a $15,000 car loan with a 6 percent interest rate that is compounded annually. How much will she have paid at the end of the five-year loan term?
total amount = P (1 + i)^t
Select one of the options below as your answer:A. $19,500.25B. $15,900.50C. $20,073.50

anonymous · Answer

I'd go with C.) 20,073.50

texaschic101 · Answer

It is C. $20,073.50 http://www.moneychimp.com/calculator/compound_interest_calculator.htm