Answer:
Amount of loan pay = $14014.70 (Approx.)
Explanation:
Given:
Amount of loan taken = $7,900
Interest rate = 5.9% = 0.059
Number of year = 10
Find:
Amount of loan pay
Computation:
A = P[1+r]ⁿ
Amount of loan pay = Amount of loan taken[1+r]ⁿ
Amount of loan pay = 7,900[1+0.059]¹⁰
Amount of loan pay = 7,900[1.059]¹⁰
Amount of loan pay = $14014.70 (Approx.)
