Question

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan must be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is

Answer 1

you can use I = prt to solve this:
I = simple interest (what you want to solve)
P = principle (what you start off with) in this case 60,000
r = rate (in this case 0.06 or 6%
t = time (in years) in this case 8
so your answer would be 28800 + 60,000 = $88,800
your answer would be $88,800

Answer 2

wait don't use that answer if it's not simple annual interest...
if it isn't just calculate 6% of 60,000 or 1000.