Ask Question
19 January, 16:44

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?

+2
Answers (1)
  1. 19 January, 16:47
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers