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%. the total amount jill has to pay back at the end of the loan is

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,

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,

Total amount due in 8 years is

Therefore, The total amount Jill has to pay back at the end of the loan is $88800.

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