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
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
