Leavitt643 Leavitt643

31-08-2014
Mathematics

Answered

Jill Ley took out a loan to pay for her child's education for $60,000. The loan would be repaid at the end of 8 years in one payment with an interest of 6 percent. The total amount Jill has to pay back at the end of the loan is?

Answer :

31-08-2014

each year, the interest is 60 000 x 6/100 = 3,600
in 8 years the amount of interests is 8 x 3600 = 28,800
he'll pay $88,800

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