total amount = P (1 + i)t

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.

$6,326.60
$6,312.38
$6,077.53

Question

total amount = P (1 + i)t

Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.

$6,326.60
$6,312.38
$6,077.53

Ultrilliam · Answer

@Vocaloid

Vocaloid · Answer

I have to go pretty soon but you would take the formula, let P = the loan amount, i = interest as a decimal, and t = 6, then find the total amount