Ryan has an eight-year loan for $6,000. He is being charged an interest rate of 5 percent, compounded annually. Calculate the total amount that he will pay.

Question

cj49 · Answer

A=P(1+r/n)nt
P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n  =  number of times the interest is compounded per year

anonymous · Answer

I'm still a little confused with the formula

anonymous · Answer

principal is 6,000

anonymous · Answer

so 6,000 times 1 plus 5 would be 6,006 and after that I'm lost

cj49 · Answer

6000(1+0.05/1)1(8)

anonymous · Answer

Thank You!

cj49 · Answer

would u be able to solve it mate?