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01-09-2016
Mathematics

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Josaya takes out a loan of $215000 to purchase a car. the bank charges him 5.2% compounded quarterly on this loan. if he pays back loan after three years, calculate the total amount to be paid back by josaya

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Alanhere Alanhere

01-09-2016

215,000 x 5.2% =11,180 quarterly compounded interested
quarter = 4 theres 4 quarters in a year
3years x 4 quarters= 12 quarters
12 quarters x 5.2% of 215,000 =
134,160(compounded interested)+ 215,000(money he owes) =
349,160

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