Answer
Find out the Calculate the total amount he will pay.
To prove
As given
Walter took out a $6,000 loan for six years.
He is being charged 6 percent interest, compounded annually.
Formula
[tex]Total\ amount = P (1 + i)^{t}[/tex]
Where P is the principle, i is the interest in the decimal form, t is the time.
Here P = $6,000
t = 6 years
6% is written in the decimal form.
[tex]= \frac{6}{100}[/tex]
= 0.06
Put in the formula
[tex]Total\ amount = 6000(1 + 0.06)^{6}[/tex]
[tex]Total\ amount = 6000(1.06)^{6}[/tex]
Total amount = $8511.12
Therefore the total amount be $8511.12 .
Option (C) is correct.
