munizgracy munizgracy

15-05-2017
Mathematics

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Jill Ley took out a loan for 60,000 to pay for her childs education. The 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

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mjankiewicz mjankiewicz

15-05-2017

[tex]60,000(1+0.06)^8=60,000 \cdot (1.06)^8\approx 95,630.88[/tex]

or

100% + 6% = 106% = 1.06

[tex]60,000 \cdot (1.06)^8 =....[/tex]

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