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OpenStudy (anonymous):
Walter took out a $6,000 loan for six years. He is being charged 6 percent interest, compounded annually. Calculate the total amount he will pay.
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OpenStudy (anonymous):
compound interest formula = P * (1+ (r/100))^n p= principle, n= no of years, r = rate of interest substituting this we get CI = 6000 * (1+ (6/100))^6 solving this we ll get 8511.11 so he have to pay back $8511.11
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