Answer:
The total amount Jill has to pay back at the end of the loan is $88800.
Step-by-step explanation:
Given : Jill Ley took out a loan for $60,000 to pay for her child's education. The loan must be repaid at the end of eight years in one payment with interest of 6%.
To find : The total amount Jill has to pay back at the end of the loan is?
Solution :
First we find the interest in his loan,
\(I=P\times R\times T\)
Where, I is the interest
P is the principal P=$60,000
R is the rate R=6%=0.06
T is the time T=8 years
Substituting the values,
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Total amount due in 8 years is
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Therefore, The total amount Jill has to pay back at the end of the loan is $88800.
