Leavitt643
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 :

pepe11
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

Other Questions