Question

Nicolas needs to borrow $6000 for 3 years. the bank offers him an offer:
Interest rate 7%per year. Pay the interest at the end of each year
This is compound interest
If he takes the offer, how much will he pay?

Answer 1

Step-by-step explanation:

S.I=P*R*T/100

S.I=6000*7*3/100

S.I=1260

compound interest=1260+6000=7260