Raul uses a credit card to take out a 3-year loan of $4500 at a rate of 15% to purchase carpeting for his house. What will be the total amount he will repay for this loan?

Amount of loan pay = $6.840 (Approx.)

Step-by-step explanation:

Given:

Amount of loan borrow = $4,500

Rate of interest = 15% = 0.15

Number of year = 3 year

Find:

Amount of loan pay

Computation:

Future value = Present value[1+r]ⁿ

Amount of loan pay = Amount of loan borrow[1+r]ⁿ

Amount of loan pay = 4,500[1+0.15]³

Amount of loan pay = 4,500[1.15]³

Amount of loan pay = 4,500[1.52]

Amount of loan pay = $6.840 (Approx.)

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