Rodrigo applied for a $14,000 loan at an interest rate of 5.4% for 6 years. Use the monthly payment formula to complete the statement. M = M = monthly payment P = principal r = interest rate t = number of years

A = $19354.71

At the end of 6 years

Step-by-step explanation:

$14,000 loan at an interest rate of 5.4% for 6 years.

Amount to be paid at the end of the six years is

A = p (1+r/n) ^ (nt)

P = $14000

r = 0.054

t = 6

n = 6*12 = 72

A = 14000 (1+0.054/72) ^ (72*6)

A = 14000 (1 + 0.00075) ^ (432)

A = 14000 (1.00075) ^ (432)

A = 14000 (1.38247941)

A = 19354.71

A = $19354.71